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, describes its platform as a bridge between decentralized finance and traditional payment infrastructure, supporting 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 platform, initially in select European, Asian, and Latin American markets, with further expansion dependent on local regulatory approvals and partnerships.
The collaboration aims to bring reliable and secure on-chain banking infrastructure to underserved populations, with Visa's global network and WeFi's blockchain-based platform working together within established regulatory frameworks.