Visa has announced a partnership with WeFi, a blockchain-based stablecoin firm, to establish a comprehensive on-chain banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, is designed to bridge the gap between decentralized finance and traditional payment infrastructure. The platform will enable users to access banking services, including IBAN numbers, and will operate under various licenses worldwide.
The partnership seeks to expand its reach by collaborating with banks and institutions, focusing on underbanked populations. The rollout will commence in select European, Asian, and Latin American markets, with further expansion contingent upon local regulatory approvals. According to Collins, the partnership with Visa completes the 'last half mile' of on-chain banking infrastructure.
Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the collaboration demonstrates how Visa's global network can interact with on-chain models while adhering to regulatory frameworks and ensuring consumer and merchant reliability.