Polygon teams up with Foresight Venture-backed stablecoin network WSPN

Singapore-based stablecoin infrastructure startup WSPN partners with Polygon Labs to scale WUSD stablecoin use in payments in decentralized finance.

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

Although specific details of the partnership remain undisclosed, WSPN highlighted several key focus areas in the initiative, including “facilitating payments and tokenization solutions for companies operating in Hong Kong SAR and Singapore, developing on-chain green finance projects tailored for African clients, and building robust defi platforms that leverage the strengths of both WSPN and Polygon technologies,” per the press release.

WSPN seeks new markets with Polygon as liquidity partner

The collaboration comes a few months after WSPN secured $30 million in seed funding round led by Foresight Venture and Folius Ventures, to advance its “Stablecoin 2.0” mission. The funding, supported by over 30 cryptocurrency exchanges and a range of payment institutions, aims to bolster WSPN’s stablecoin offerings and governance token initiatives.

WSPN, founded by former Visa and Paxos employees, has also been advancing 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.