In a groundbreaking pilot, Visa has partnered with DeFi platform WeFi to explore on-chain banking and stablecoin-based payments across Europe, Asia, and Latin America. The collaboration aims to allow users to spend self-custodied stablecoins at any merchant that accepts Visa, blending decentralized finance with traditional payment rails.
WeFi acts as an orchestration layer connecting DeFi assets to Visa’s global network, enabling cross-border payments, value storage, and everyday transactions funded by stablecoins instead of bank deposits. Unlike typical crypto cards, which require custodial exchange-held balances, WeFi’s approach lets users maintain self-custody or hybrid setups while accessing regulated payment infrastructure.
According to WeFi co-founder Maksym Sakharov, the goal is to democratize access to borderless finance by leveraging Visa’s capabilities. The rollout will start in select countries in Europe, Asia, and Latin America, with expansion dependent on local regulations. Initially, the focus is on regulated, fiat-backed stablecoins, with other digital assets considered later.
This initiative extends Visa’s existing stablecoin program, which already handles $7 billion in annualized settlement volume across nine blockchains, including Ethereum, Solana, Avalanche, and Stellar. Previous tests allowed issuers to settle in USDC on Solana and fund cross-border payments without pre-positioning cash.
By partnering with WeFi, Visa is moving beyond back-end settlement to consumer-facing services. If successful, this model could accelerate the shift of core banking functions onto blockchain networks, with card networks and fintechs taking on roles traditionally held by banks.