Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure company, 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, facilitating cross-border transactions and on-chain value storage. Collins stated that 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 development of on-chain banking infrastructure, with plans to expand regionally, starting with Europe, Asia, and Latin America. 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, while ensuring regulatory compliance and reliability.