What is the Worldwide Stablecoin Payment Network and what does it solve?
Worldwide Stablecoin Payment Network (WSPN), which utilizes the distributed ledger technology of blockchains to create a trustless and global network for real-life payment scenarios. Under this payment system, it introduced a fully-backed, fiat-collateralized stablecoin called WUSD. 1:1 pegged to the US Dollar, the purpose of WUSD is to leverage general stablecoin characteristics of stability, transparency, and efficiency to enhance the overall functionality of the payment system. As a reliable and transparent medium of exchange, WUSD aims to facilitate seamless transactions in a wide range of use cases.
Other than traditional custodial solutions, WSPN will ensure that all reserve assets are held in an independent trust structure or through a custodial arrangement to ensure the safety and security of clients’ funds. Under this structure, a 3rd party licensed trustee shall be appointed and therefore obligated to professionally and properly manage these assets on behalf of the beneficiaries. Depending on the specific trust arrangement and custody structure, segregating client assets into a trust account increases bifurcation and asset security. Furthermore, it ensures these funds are kept separate from other operating accounts which helps prevent any commingling or mismanagement of these assets.
In the first phase, WSPN will aim to apply for specific stablecoin related licenses to comply with legal requirements and industry practices. WSPN’s licensing plans include but are not limited to obtaining stablecoin and/or monetary service licenses (as applicable) from the European Union, Hong Kong, Singapore and the United States.
Given the fragility of the global financial system, fluctuations in fiat currencies and the regulatory demands for currency stability, its stablecoin project aims to go beyond just offering a US dollar-pegged stablecoin like WUSD.
Token Overview
- Token name: Worldwide Stablecoin Payment Network
- Token symbol:WUSD
- Total supply: 3,284,473.19Â
Each WUSD token in circulation represents one US dollar held as a reserve asset (a one-to-one ratio). WSPN issues all WUSD on a public blockchain, therefore all issued, redeemed, and existing WUSD, including full transactional history, are publicly auditable via on-chain data.
Meanwhile, WSPN has a bank account with a creditworthy and reputable bank that will receive and send fiat currency to users who purchase/redeem WUSD directly on the WSPN platform. The balance will be published on the WSPN website and audited by professional thirdparty and independent auditors. By verifying this bank account balance with the on-chain total supply number of the stablecoin, it can be proven that WUSD is a one-to-one peg to the US Dollar.
What are the strengths of WSPN?
WSPN will utilize the following methods to segregate reserve assets from the issuer’s proprietary assets:
- Using separate issuing and operational addresses on the blockchain network where the stablecoins are issued. This can limit the risk profile of the issuer and prevent unauthorized access or manipulation of the reserve funds.Â
- Using different bank accounts for holding the reserve funds and the issuer’s own funds. This can ensure that the reserve funds are segregated from the issuer’s operational expenses and liabilities and that they are subject to regular audits and reporting
- Using different user roles for operating the bank accounts and the blockchain addresses. This can enhance internal controls and governance and prevent fraud or misuse of funds by any single individual or entity. For example, the issuer can assign different roles such as custodian, auditor, administrator, and signer, with different levels of access and authority
The Future
WSPN’s mission is to secure a robust, resilient and efficient payment infrastructure with the most advanced blockchain technologies, which is crucial to enable the future of digital finance.To reshape and expand global digital payments, and empower consumers, businesses, and institutions with unparalleled financial inclusion and foster a culture of relentless digital innovation.
Worldwide Stablecoin Payment Network Official Media
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