Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

The partnership, announced on Friday, aims to increase the use of WUSD, especially in developing countries. The partnership details have not been made public, but WSPN has announced several areas where the project will focus.

WSPN expands with global payments

As per the press release, WSPN is reaching more people through several new projects. These include helping businesses in Hong Kong and Singapore with payments and tokenization, creating on-chain green finance projects for African clients and making decentralized finance (DeFi) platforms that use WSPN and Polygon's technologies.

This comes after Foresight Venture and Folius Ventures led a successful $30 million seed funding round earlier this year for WSPN to advance its "Stablecoin 2.0" concept.

The funding, which comes from more than 30 cryptocurrency exchanges and different payment providers, will help WSPN's stablecoin goods and governance token projects.

WSPN was started by people who used to work at Visa and Paxos. The company is also developing a governance token system that will allow on-chain voting and community-driven decision-making.

Its main stablecoins, WUSD and WEUR, are backed by cash, cash equivalents and short-term Treasury bills, giving its products a stable base. WSPN will now be a major player in both centralized and decentralized banking systems.