Polygon partners with the Foresight Venture-backed stablecoin network WSPN

Polygon Labs has partnered with the stablecoin infrastructure startup WSPN (Worldwide Stablecoin Payment Network), based in Singapore, to expand the use of its stablecoin, WUSD, in payments and decentralized finance (DeFi). This strategic collaboration, announced on November 22, aims to promote the adoption of WUSD across emerging markets, including Hong Kong, Singapore, and Africa.

While specific details about the partnership remain undisclosed, WSPN highlighted several key focus areas. These include enabling payments and tokenization solutions for companies in Hong Kong and Singapore, developing on-chain green finance projects tailored for African clients, and building decentralized finance platforms that leverage both WSPN’s and Polygon’s technologies.

The partnership follows a successful $30 million seed funding round for WSPN, led by Foresight Ventures and Folius Ventures, which was supported by over 30 cryptocurrency exchanges and various payment institutions. The funds are intended to further WSPN’s “Stablecoin 2.0” mission, focusing on enhancing its stablecoin offerings and governance token initiatives.

WSPN, founded by former Visa and Paxos employees, is also advancing its governance token framework to enable on-chain voting and community-driven decision-making. Its stablecoins, WUSD and WEUR, are backed by cash, cash equivalents, and short-term Treasury bills, ensuring stability and trust in their value. The partnership with Polygon is aimed at improving liquidity and enabling broader use of these stablecoins in emerging market payments and DeFi platforms.