Visa has announced a partnership 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, facilitating cross-border transactions and on-chain value storage. According to Collins, the platform will provide users with bank account-like services, complete with IBAN numbers, and will secure necessary licenses to operate globally. The partnership plans to expand regionally, starting with select markets in Europe, Asia, and Latin America, with further expansion dependent on local regulatory approvals.
The collaboration is seen as a significant step in developing on-chain banking infrastructure, with Visa's global network interacting with on-chain models while maintaining regulatory compliance and reliability.