Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm, to establish a comprehensive on-chain banking and payment 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. According to Collins, the platform will provide users with virtual bank accounts, complete with IBAN numbers, and will operate under the necessary licenses and regulatory frameworks.
The partnership plans to expand globally, starting with select markets in Europe, Asia, and Latin America, with the goal of serving the underbanked population. The collaboration with Visa is expected to complete the final stage of on-chain banking infrastructure development. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the partnership demonstrates how Visa's global network can interact with on-chain models while maintaining regulatory compliance and reliability.