The Man Behind Tether Is Now Helping Visa Build the Future of Onchain Banking

TLDR

• Visa is partnering with WeFi, a blockchain stablecoin infrastructure firm, to build onchain banking services
• WeFi was co-founded by Reeve Collins, an early figure behind stablecoin issuer Tether
• The partnership aims to close the “last half mile” of onchain banking infrastructure
• Users will get bank-like services including IBAN numbers through Visa’s global network
• Rollout begins in Europe, Asia, and Latin America, subject to regulatory approvals

Visa has announced a partnership with WeFi, a blockchain-based payments infrastructure company, to deliver onchain banking and payment services to users around the world.

WeFi was co-founded by Reeve Collins, who was an early figure at Tether, the company behind the world’s largest stablecoin. WeFi describes itself as a layer that connects decentralized finance with regulated payment systems.

The two companies say the deal closes the “last half mile” of onchain banking infrastructure — meaning it fills the gap between blockchain-based finance and the everyday banking tools that consumers and merchants rely on.

Collins said the platform will give users access to bank-like services, including International Bank Account Numbers, known as IBANs. These allow users to send and receive money across borders using standard banking rails.

WeFi is also working to secure financial licenses in multiple countries to make sure it can operate within local regulatory frameworks. Collins said obtaining these approvals is a key part of the rollout plan.

How the Rollout Will Work

The partnership will launch region by region. The first markets will be selected countries in Europe, Asia, and Latin America.

Expansion into more markets will depend on getting regulatory clearance and forming partnerships with local banks and financial institutions. Collins said the company plans to bring in more banking partners over time.

The target audience includes people who are underbanked — those who don’t have reliable access to traditional banking services. Collins said the platform is designed to serve these users by giving them access to stablecoin-based payments and storage of value on blockchain networks.

Mathieu Altwegg, Visa’s Head of Product and Solutions in Europe, said the partnership shows how Visa’s global network can work alongside blockchain-based financial systems while staying within established regulatory standards.

What WeFi’s Platform Does

WeFi positions its technology as an orchestration layer — a system that connects DeFi tools with regulated payment infrastructure.

The platform is built to support cross-border spending and the storage of value directly on blockchain networks. This means users could hold and spend digital assets in a way that works within the traditional financial system.

Visa’s global reach gives WeFi access to a payment network used by consumers and merchants in more than 200 countries. The partnership adds regulated infrastructure on top of WeFi’s blockchain-based services.

Collins said the goal is to provide users with the tools of a full bank account, without requiring access to a traditional bank. WeFi will issue IBANs as the platform scales.

The companies did not disclose the financial terms of the partnership. The announcement was made on April 28, 2026.

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