Polygon teams up with Foresight Venture-backed stablecoin network WSPN

Singapore-based stablecoin infrastructure startup WSPN is collaborating with Polygon Labs to scale the use of WUSD stablecoin for payments in decentralized finance.

The Worldwide Stablecoin Payment Network, also known as WSPN, has joined forces with Polygon Labs, the firm behind the Polygon blockchain, to expand adoption of WSPN’s flagship stablecoin, WUSD. The strategic collaboration, announced in a press release on November 22, aims to increase the use of stablecoins in emerging markets.

While specific details of the partnership were not disclosed, WSPN highlighted several key areas of focus in the initiative, including “facilitating payments and tokenization solutions for companies operating in Hong Kong SAR and Singapore, developing and building on-chain green finance projects specifically designed for African customers.” . According to the press release, both WSPN and Polygon are solid defi platforms that leverage the strengths of their technology.

WSPN seeks new markets with Polygon as liquidity partner

The collaboration comes just months after WSPN secured $30 million in a seed funding round led by Foresight Venture and Folius Ventures to advance its “Stablecoin 2.0” mission. Backed by more than 30 cryptocurrency exchanges and a number of payment institutions, the funding aims to support WSPN’s stablecoin offerings and governance token initiatives.

Founded by former Visa and Paxos employees, WSPN is also developing its governance token framework to enable on-chain voting and community-driven decision-making. The firm’s flagship stablecoins, WUSD and WEUR, are backed by cash, cash equivalents and short-term Treasury bills, according to its website.