Stablecoin infrastructure startup WSPN partners with Polygon Labs to encourage WUSD stablecoin use in emerging markets.
Worldwide Stablecoin Payment Network (WSPN), a global stablecoin payment network, has partnered with Polygon Labs, the masters of Polygon blockchain, to expedite the adoption of its stablecoin. The collaboration announced on Nov. 22 aims to extend WSPN’s flagship stablecoin, WUSD, to DeFi and payment systems.
This is a big deal pushing further into utilizing WUSD in use cases as payment solutions and tokenization in emerging markets. Details on the partnership have remained under wraps, although WSPN listed the following key initiatives.
We offer business payment and tokenization services in Hong Kong and Singapore, green finance projects to African clients, and the construction of DeFi platforms based on the features of WSPN and Polygon technologies.
WSPN’s newest seed funding round, which saw it raise 30 million dollars led by Foresight Venture and Folius Ventures, followed this partnership.
Over 30 cryptocurrency exchanges and its suite of payment institutions support the round, which will see the startup’s ‘Stablecoin 2.0’ mission come to life. With this new capital injection, WSPN aims to expand the scope of its stablecoin-denominated offerings and governance token framework, powered by a community-driven vote through on-chain voting.
WSPN’s Stablecoins Backed by Cash and Treasury Bills
WSPN was founded by former Visa and Paxos employees, with its flagship stablecoins WUST and WEUR to be fully backed by cash, cash equivalents, and short-term Treasury bills.
With this objective, they help provide a stable and secure alternative to the existing cryptocurrencies. They strive to function as a solid medium for transactions and a way to finance the globe, particularly in different developing markets.
The Expansion and Polygon’s Role
The liquidity partner will be pivotal in that role as an offshoot of Polygon Labs, which scaled Ethereum and created cheaper and faster transactions. WSPN achieves this by utilizing Polygon’s robust DeFi ecosystem and state-of-the-art blockchain technology, providing a secure and efficient infrastructure for WSPN to use WUSD across multiple industries.
With that partnership, WSPN aims to be at the vanguard of the new stablecoin space, focusing on markets that traditional financial institutions have not traditionally addressed. The collaboration promises to increase liquidity, streamline cross-border payments, and push decentralized finance solutions while providing a robust governance and transparent framework.
The partnership with Polygon could be a big catalyst for WUSD to become part of everyone’s daily financial tool as a token of a standard everyone needs to grab, especially in areas where people need and want more reliable tools.
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