Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure firm, to bridge the gap in on-chain payment and banking services. WeFi, co-founded by Reeve Collins, a former Tether executive, provides an interoperability layer between decentralized finance and traditional payment infrastructure. According to Collins, the platform will offer users bank account-like services, complete with IBAN numbers, and obtain necessary licenses to operate globally.
The partnership aims to expand to underbanked regions, starting with select markets in Europe, Asia, and Latin America, with further expansion dependent on local regulations and partnerships. Collins emphasized that the partnership with Visa completes the on-chain banking infrastructure. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that this collaboration demonstrates how Visa's network interacts with on-chain models while adhering to regulatory frameworks and reliability standards.