Summary
- Visa said it is developing on-chain payment and banking services with WeFi to build stablecoin-based on-chain financial infrastructure.
- WeFi said it aims to support a range of financial services, including cross-border payments and on-chain asset custody, by linking DeFi with regulated payments infrastructure.
- The two companies said they plan to start in parts of Europe, Asia and Latin America before expanding the service to other regions depending on regulatory approvals and partnerships.
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Visa is partnering with WeFi to build stablecoin-based on-chain financial infrastructure, a move aimed at linking traditional payment networks with decentralized finance, or DeFi.
CoinDesk reported on April 28 that the global payments company is developing on-chain payment and banking services with WeFi, a stablecoin infrastructure firm founded by Tether co-founder Reeve Collins.
WeFi describes itself as an orchestration layer that connects DeFi with regulated payments infrastructure. It aims to support a range of financial services, including cross-border payments and on-chain asset custody.
The companies plan a phased rollout starting in parts of Europe, Asia and Latin America. They intend to expand into other regions later, subject to regulatory approvals and partnerships.
Users will effectively receive functions similar to a bank account, including an assigned IBAN account number, Collins said. He described the partnership as the final step in completing on-chain financial infrastructure.
Visa said the collaboration establishes a foundation for combining its global payments network with an on-chain financial model. The effort could accelerate the expansion of stablecoin-based financial services for people underserved by traditional banking, according to industry views.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
