Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm, to develop a comprehensive on-chain payment and banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, provides an interoperability layer between decentralized finance and traditional payment infrastructure, facilitating use cases such as cross-border transactions and on-chain value storage.
According to Collins, the platform will offer users a seamless banking experience, complete with IBAN numbers and necessary licenses to operate globally. As the platform expands, WeFi plans to collaborate with additional banks and institutions, targeting underbanked regions. The rollout will commence in select European, Asian, and Latin American markets, with further expansion contingent upon local regulatory approvals and partnerships.
Collins emphasized that the partnership with Visa completes the final leg of on-chain banking infrastructure. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the collaboration demonstrates the interaction between Visa's global network and on-chain models, operating within established regulatory frameworks and ensuring reliability for consumers and merchants.