Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure provider, to establish a robust 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.
The goal is to support 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 complete the on-chain banking infrastructure, enabling the underbanked population to access financial services. The rollout will occur regionally, 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, stated that the collaboration demonstrates how Visa's global network can interact with on-chain models while maintaining regulatory compliance and reliability.