- WSPN announced a new partnership with Polygon Labs.
- The partnership seeks to drive stablecoin adoption.
- It came after WSPN secured $30 million in funding in August.
Blockchain infrastructure developer Polygon Labs has partnered with the Worldwide Stablecoin Payment Network (WSPN) to drive digital asset adoption through the company’s flagship U.S. dollar-pegged stablecoin, WUSD.
Former Visa and Paxos employees founded WSPN, a Singapore-based fintech startup that provides global digital payment solutions via blockchain technology. The company’s website states that its WUSD stablecoin is backed by “high-quality” liquid assets, including cash, cash equivalents, and short-term treasury bills.
Polygon’s Partnership with WSPN
In a press release on November 22, WSPN said its partnership with Polygon Labs was crucial in driving WUSD’s mass adoption across various markets following the stablecoin’s network infrastructure integration with Polygon PoS earlier this year.
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According to the statement, the partnership will see the two companies explore various use cases for stablecoins, payments, and decentralized finance (DeFi). A key focus area will be facilitating payments and tokenization solutions for Hong Kong SAR and Singapore-based companies.
WSPN and Polygon are also keen on developing “on-chain green” finance projects for African clients and building robust DeFi platforms that leverage the combined strength of the companies’ technologies.
“These initiatives are strategically designed to address diverse market needs and drive the adoption of WUSD across a variety of regions and sectors,” the statement read. “By combining WSPN's expertise in stablecoin solutions with Polygon's advanced blockchain infrastructure, this collaboration will drive significant advancements in the digital asset space.”
The development came three months after WSPN secured $30 million in a seed round led by Foresight Venture and Folius Ventures, with participation from Yunqi Partners, Hash Global, RedPoint China, and others. The company said it had garnered support from over 30 exchanges and multiple wallet providers in its mission to introduce “Stablecoin 2.0”
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