Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure provider, to establish a comprehensive on-chain payment and banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, offers a platform that bridges the gap between decentralized finance and traditional payment infrastructure, enabling use cases such as cross-border transactions and on-chain value storage. According to Collins, the platform will provide users with bank account-like services, including IBAN numbers, and will obtain necessary licenses to operate globally.
The partnership with Visa is expected to facilitate the rollout of this service, initially in selected European, Asian, and Latin American markets, with further expansion dependent on local regulatory approvals. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that this collaboration demonstrates the integration of Visa's global network with on-chain models, while maintaining regulatory compliance and reliability.