Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm, to establish a comprehensive on-chain payment and banking platform. WeFi, co-founded by Reeve Collins, a former Tether executive, offers an orchestration layer that bridges decentralized finance and traditional payment infrastructure, enabling use cases such as cross-border transactions and on-chain value storage.
According to Collins, the platform will provide users with bank account-like services, complete with IBAN numbers, and will operate under relevant global licenses. The partnership plans to expand regionally, starting with Europe, Asia, and Latin America, and will collaborate with local banks and institutions to reach underbanked populations.
The rollout will be contingent upon regulatory approvals and partnerships. Collins noted that the partnership with Visa completes the final leg of on-chain banking infrastructure development. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, stated that the collaboration showcases the interaction between Visa's global network and on-chain models, ensuring reliability and compliance with regulatory frameworks.