Visa partners with former Tether CEO's WeFi to promote on-chain payments, allowing stablecoins to be used directly for Visa network transactions

According to The Block, Visa has partnered with WeFi, a "on-chain bank" company founded by former Tether CEO Reeve Collins, allowing users to hold digital assets through self-custody wallets while directly spending within the global Visa acceptance network, without the need to custody assets in centralized exchanges.

Maksym Sakharov, co-founder and CEO of WeFi, stated that stablecoins are directly embedded in the underlying infrastructure, with settlements automatically completed in the background, providing a user experience similar to regular payments. This collaboration will initially roll out in certain markets in Europe, Asia, and Latin America, with further expansion depending on regulatory approval progress.