Singapore-based stablecoin infrastructure startup WSPN has joined forces with Polygon Labs, the firm behind the Polygon blockchain, to expand the adoption of WSPN's flagship stablecoin, WUSD.
Stablecoin infrastructure startup Worldwide Stablecoin Payment Network (WSPN), based in Singapore, has announced a partnership with Polygon Labs to increase the use of WUSD stablecoin in decentralized finance (DeFi) payments, especially in emerging markets.
The collaboration, which was announced in a press release on Nov. 22, will see Polygon become the liquidity partner for WSPN’s stablecoin. The two firms will work together to facilitate payments and tokenization solutions for companies operating in Hong Kong SAR and Singapore, according to the press release.
Additionally, they will develop on-chain green finance projects tailored for African clients and build robust DeFi platforms that leverage the strengths of both WSPN and Polygon technologies.
Founded by former employees of Visa and Paxos, WSPN raised $30 million in seed funding earlier this year to advance its “Stablecoin 2.0” mission. The funding, which was announced in August, saw participation from over 30 cryptocurrency exchanges and a range of payment institutions.
The funds are being used to bolster WSPN’s stablecoin offerings and governance token initiatives, with the aim of enabling on-chain voting and community-driven decision-making. WUSD and WEUR, the firm’s flagship stablecoins, are backed by cash, cash equivalents, and short-term Treasury bills, according to its website.
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