Visa Partners with WeFi to Bridge Traditional Banking and Onchain Finance

Visa (V) has announced a strategic partnership with WeFi, a blockchain-based stablecoin infrastructure company, to develop "onchain banks." The collaboration is designed to bridge the gap between decentralized finance (DeFi) and traditional regulated payment systems, effectively creating a seamless interface for users to access banking services on the blockchain. WeFi, co-founded by former Tether executive Reeve Collins, serves as an orchestration layer between DeFi and regulated infrastructure. By combining Visa's global network with WeFi's technology, the partnership seeks to offer robust onchain payments and value storage while adhering to global regulatory standards. The project focuses on providing users with essential banking tools, such as IBAN numbers, to facilitate legitimate financial activity. The rollout will be phased, beginning in selected markets across Europe, Asia, and Latin America, with further expansion contingent upon local regulatory approvals and the establishment of issuing partnerships. This move signals Visa's continued commitment to integrating blockchain technology into the global financial plumbing. By targeting the underbanked and streamlining cross-border spending, Visa aims to maintain its dominance in the payments space as the industry shifts toward tokenized assets and onchain settlement.