{"id":"wspn","title":"WSPN","content":"The **Worldwide Stablecoin Payment Network (WSPN)** is a global digital payments company that utilizes distributed ledger technology (DLT) to operate a payment network for real-world use cases. The network's core product is Worldwide USD (WUSD), a fiat-collateralized [stablecoin](https://iq.wiki/wiki/stablecoin) pegged 1:1 to the U.S. Dollar. The project is operated by the entity WSPN FINTECH LIMITED. [\\[1\\]](#cite-id-tVcQbTy1PppqgUzE) [\\[2\\]](#cite-id-AmKCG5F13fjGGEYM)​\n\n## Overview\n\nThe Worldwide Stablecoin Payment Network aims to create a trustless, global payment system built on [blockchain](https://iq.wiki/wiki/blockchain) technology. The project's stated mission is to facilitate transparent, fast, and efficient digital payment solutions, bridging Traditional Finance (TradFi) with [Decentralized Finance (DeFi)](https://iq.wiki/wiki/defi). Its primary focus is on serving [Web3](https://iq.wiki/wiki/web3) enterprise and institutional clients, providing them with secure and compliant digital payment tools. WSPN's ecosystem is centered around its native [stablecoin](https://iq.wiki/wiki/stablecoin), WUSD as a \"Stablecoin 2.0,\" intended to move beyond speculative use cases and enable mainstream adoption for practical payments. Direct issuance and redemption of WUSD are limited to institutional clients who undergo a full [Know Your Customer (KYC)](https://iq.wiki/wiki/know-your-customer-kyc) and [Anti-Money Laundering (AML)](https://iq.wiki/wiki/anti-money-laundering-aml) verification process. \n\nIn August 2024, WSPN announced it had secured $30 million in a seed funding round. The round was backed by key investors including Foresight Ventures and Folius Ventures. The project has actively participated in industry events and has been featured in financial news outlets for its funding and its goal of operating in the [stablecoin](https://iq.wiki/wiki/stablecoin) market. [\\[3\\]](#cite-id-iPS8tSUVe81deQZf) [\\[4\\]](#cite-id-keTHpYMjC9ZxXYpB) [\\[1\\]](#cite-id-tVcQbTy1PppqgUzE) \n\n## Technology and Architecture\n\n### Layer 1: Fundamental Blockchain Network\n\nThe foundational layer consists of the public, [EVM](https://iq.wiki/wiki/ethereum-virtual-machine-evm)-compatible blockchains on which the $WUSD [stablecoin](https://iq.wiki/wiki/stablecoin) operates. As an [ERC-20](https://iq.wiki/wiki/erc-20) token, WUSD's [smart contract](https://iq.wiki/wiki/smart-contract) manages core on-chain functions, including:\n\n* **Minting and Revoking**: Creating new WUSD tokens upon receipt of collateral and destroying [(burning)](https://iq.wiki/wiki/token-burn) them upon redemption.\n* **Supply Tracking**: The `totalSupply()` function in the [smart contract](https://iq.wiki/wiki/smart-contract) allows for public and real-time auditing of the total amount of WUSD in circulation.\n* **Transactions**: Enabling on-chain transfers, storage, and swaps of WUSD.\n* **Access Control**: A blacklist and whitelist of wallet addresses can be maintained to comply with regulatory requirements. [\\[1\\]](#cite-id-tVcQbTy1PppqgUzE)\n\n### Layer 2: WSPN Platform\n\nThis layer consists of the business entity and its off-chain systems, which are responsible for the operational and financial management of the network. Key functions of the WSPN Platform include:\n\n* **Fiat Management**: Handling [fiat currency](https://iq.wiki/wiki/fiat-money) deposits from institutional clients for WUSD subscriptions and processing fiat withdrawals for redemptions.\n* **Reserve Custody**: Arranging for the custody of fiat reserves with financial institutions.\n* **Reporting**: Publishing Proof of Reserves reports and other independent audit results for transparency.\n* **Integration Management**: Handling technical and business integrations with wallets, exchanges, and merchants.\n* **Proprietary Wallet**: Maintaining a wallet for users to manage their WUSD holdings. [\\[1\\]](#cite-id-tVcQbTy1PppqgUzE)\n\n## Tokenomics\n\nWSPN’s ecosystem includes $WUSD, a crypto-denominated token with a circulating and total supply of 12,679,268, matching its fully diluted valuation. The token operates on both [Ethereum](https://iq.wiki/wiki/ethereum) and [Polygon](https://iq.wiki/wiki/polygon), allowing multi-chain accessibility.\n\nWUSD is primarily traded on [centralized exchanges](https://iq.wiki/wiki/cex-centralized-exchange), with [MEXC](https://iq.wiki/wiki/mexc) hosting the most active market pair (WUSD/USDT). Additional trading venues include [BitMart](https://iq.wiki/wiki/bitmart) and [Bitget](https://iq.wiki/wiki/bitget).  [\\[2\\]](#cite-id-AmKCG5F13fjGGEYM) ","summary":"WSPN (Worldwide Stablecoin Payment Network) is a global payment system using blockchain to create a trustless network for payments. Its core component is WUSD, ...","images":[{"id":"QmZuA5jq28izycCAbTYXybe3hgjtrgtJygBDo4zabb2C3y","type":"image/jpeg, image/png"}],"categories":[{"id":"cryptocurrencies","title":"Cryptocurrencies"}],"tags":[{"id":"Ethereum"},{"id":"Protocols"},{"id":"BinanceSmartChain"},{"id":"Stablecoins"},{"id":"Solana"}],"media":[],"metadata":[{"id":"references","value":"[\n  {\n    \"id\": \"tVcQbTy1PppqgUzE\",\n    \"url\": \"https://assets.wspn.io/docs/Whitepaper\\\\_Worldwide\\\\_Stablecoin\\\\_Payment\\\\_Network.pdf\",\n    \"description\": \"WSPN Whitepaper 2\",\n    \"timestamp\": 1765285323969\n  },\n  {\n    \"id\": \"AmKCG5F13fjGGEYM\",\n    \"url\": \"https://www.coingecko.com/en/coins/worldwide-usd\",\n    \"description\": \"CoinGecko: Worldwide USD analysis\",\n    \"timestamp\": 1765285323969\n  },\n  {\n    \"id\": \"iPS8tSUVe81deQZf\",\n    \"url\": \"https://coinmarketcap.com/currencies/worldwide-usd/\",\n    \"description\": \"CoinMarketCap: Worldwide USD overview\",\n    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