WSPN and OpenEden Labs Forge Pioneering Partnership for On-Chain Integration of WUSD Stablecoin in DeFi Ecosystem

23.02.2024 - 07:16:30

Business Wire India

WSPN, a leading global digital payments company, proudly announces a strategic collaboration with OpenEden Labs, developers of the OpenEden TBILL Vault, an institutional-grade real-world assets (RWAs) tokenization platform to develop on-chain products that integrate WSPN’s flagship USD stablecoin WUSD (“Worldwide USD”) into DeFi (Decentralised Finance) ecosystem.

A portion of WUSD reserves will be allocated and held in $TBILL, an ERC-20 token fully backed by short-term U.S. Treasury Bills held with a regulated custodian, which enables real-time on-chain transparency on WUSD’s reserves held in $TBILL, a first among all fiat-backed stablecoins in the market.

The decision to adopt the $TBILL token as an on-chain reserve asset is rooted in its top-tier regulatory compliance and transparency, robust legal structuring ensuring investor protection, and cutting-edge security infrastructure. OpenEden's commitment extends to collaborating with best-in-class service providers for market data, audit, prime brokerage, and custody. Notably, $TBILL tokens are issued by a BVIFSC-regulated professional fund, managed by a reputable Singapore-based fund management company.

This collaboration signifies a momentous leap forward for WSPN, emphasizing its dedication to innovation and excellence within the blockchain industry. WSPN's vision for WUSD extends beyond being a mere stablecoin; it aspires to become a key issuer offering a secure and transparent alternative seamlessly adoptable across various blockchains, digital wallets, and decentralized application ecosystems.

About WSPN

WSPN is a global digital payments company that provides transparent, fast, and efficient digital payment solutions leveraging the latest technological advancements of Distributed Ledger Technology (“DLT”). We are dedicated to shaping seamless digital payment solutions for our global partners worldwide at the frontier of future digital payments and financial inclusion.

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About OpenEden Labs

OpenEden Labs is an institutional-grade asset tokenisation platform. Our mission is to bring real-world assets on-chain to unlock trillions of dollars in value. We believe internet-native money will make real-world assets accessible to everyone, creating a more inclusive, permissionless, and free-flowing economy.

Learn more: https://openeden.com/