Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm, to establish a robust 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 offer users bank account-like services, complete with IBAN numbers, and will obtain necessary licenses to operate globally. The partnership aims to reach underbanked populations by scaling the platform and partnering with banks and institutions.
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. Collins stated that the partnership with Visa completes the 'last half mile' of on-chain banking infrastructure. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the collaboration demonstrates how Visa's global network interacts with on-chain models while maintaining regulatory compliance and reliability.