Visa and Tether jointly build on-chain banking

CryptoWorld News reports that Visa is collaborating with Reeve Collins, co-founder of Tether, to build on-chain banking. Visa has partnered with blockchain infrastructure company Wefi to create a “last mile” service for users. Wefi describes its platform as “a coordination layer between decentralized finance (DeFi) and regulated payment infrastructure,” supporting use cases such as cross-border spending and on-chain value storage. Collins stated that as the platform expands, they plan to work with more banks and institutions, focusing on unbanked populations worldwide. The project will be launched in phases, initially targeting specific markets in Europe, Asia, and Latin America. Collins also mentioned that the partnership with Visa will fill the last mile of on-chain banking infrastructure. Mathieu Altwegg, head of Visa Europe’s products and solutions, said this collaboration demonstrates how Visa’s global network can interact with on-chain models while operating within established regulatory frameworks, ensuring the reliability expected by consumers and merchants.