Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure company, to develop a robust on-chain payment and banking infrastructure. WeFi, co-founded by Reeve Collins, a former Tether executive, describes its platform as a bridge between decentralized finance and traditional payment systems, supporting cross-border transactions and on-chain value storage. According to Collins, the platform will offer users virtual bank accounts, complete with IBAN numbers, and will obtain necessary licenses to operate globally. 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 depend on regulatory approvals and partnerships. Collins stated that the partnership with Visa completes the final stage of on-chain banking infrastructure development. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the collaboration demonstrates how Visa's global network can interact with blockchain models while maintaining regulatory compliance and reliability.