Visa has announced a collaboration 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, supporting use cases such as cross-border transactions and on-chain value storage.
According to Collins, the platform will provide users with virtual bank accounts, complete with IBAN numbers, and will obtain necessary licenses to operate globally. As the platform expands, WeFi plans to partner with additional banks and institutions to reach underserved populations.
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 noted that the partnership with Visa completes the final stage of on-chain banking infrastructure development.
Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, stated that this collaboration demonstrates how Visa's global network interacts with on-chain models while maintaining regulatory compliance and reliability.