Visa has announced a collaboration with WeFi, a stablecoin infrastructure firm, to establish a comprehensive on-chain payment and banking system. WeFi's platform serves as a bridge between decentralized finance and traditional payment systems, facilitating cross-border transactions and on-chain value storage. According to Reeve Collins, co-founder of WeFi, the platform will provide users with bank account-like services, complete with IBAN numbers, and will obtain necessary licenses to operate globally.
The partnership with Visa is expected to complete the final leg of on-chain banking infrastructure development. The rollout will occur in phases, starting with select markets in Europe, Asia, and Latin America, with further expansion dependent on local regulatory approvals and partnerships. Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, noted that this collaboration demonstrates the interaction between Visa's global network and on-chain models, operating within established regulatory frameworks to ensure reliability for consumers and merchants.