Bitget Onramp Solutions promise easy WUSD purchases

At its core, WUSD is a fiat-collateralized stablecoin pegged to the U.S. dollar at a 1:1 ratio. According to the Worldwide Stablecoin Payment Network (WSPN) whitepaper, USD-backed tokens are issued into circulation only after deposits have cleared. Each token is backed by an equivalent amount of U.S. dollars held in reserves. WSPN uses various options for holding its reserve assets, including independent trust structures and custodial arrangements. These approaches ensure the safety and security of funds through an added layer of protection and transparency.

As a leading player in the crypto space, Bitget sees emerging stablecoins as extended opportunities to onboard a wider group of crypto advocates and enthusiasts. Enabling quick, hassle-free WUSD purchases via Alchemy Pay is thus a crucial step towards crypto mass adoption.

Understanding WUSD: The future of stablecoins

WUSD is unlocking the potential of stablecoins for mainstream adoption. Can stablecoins truly bridge the gap between TradFi and DeFi? The global digital payment platform WSPN is confident its USD-pegged stablecoin WUSD is poised to do just that.

Volatility makes cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) increasingly unsuitable for everyday DeFi transactions. Stablecoins offer a solution to this problem by pegging their value to stable assets like the U.S. dollar. Therefore, demand for stablecoins has surged in recent years, fueling a rapid expansion of the market, with the total market cap of stablecoins standing at an impressive $162 billion. This growth has not gone unnoticed as numerous players enter the market – each vying to establish their stablecoin as the go-to solution for stable transactions. By offering a more predictable and reliable means of transacting within the blockchain ecosystem, newer stablecoins have opened up fresh possibilities for lending, borrowing, and yield farming. However, with higher, riskier stakes across DeFi, it's clear that a more reliable, secure, and permanent solution is needed.

Decentralized payments infrastructure provider WSPN has created WUSD as a USD-pegged stablecoin that promises a stable and trustworthy means of transacting across borders while also mitigating risks associated with volatile coins and potentially unstable stablecoins. Below is a summary of WUSD advantages over other traditional stablecoins:

Building trust through transparency

One of the key challenges faced by stablecoin issuers is navigating the complex regulatory landscape and ensuring transparency across all activities. WSPN has always taken a proactive approach to compliance by continuously following regulatory requirements. The company has already applied for additional licenses in response to the implementation of regulatory frameworks across various countries and regions. WSPN is strategically positioned to be among the pioneering institutions to obtain a stablecoin license.

WSPN places a paramount emphasis on transparency. Their attempts to adhere to current market practices set the goal for real-time assertion reports regarding its reserve assets in the future, which should be verified by an independent accountant report by a third-party accounting firm. This commitment to compliance and transparency is crucial for building trust with users and ensuring the long-term viability of the WUSD stablecoin.

Expanding the stablecoin ecosystem

While WUSD is initially pegged to the U.S. dollar, WSPN's whitepaper also discusses the possibility of launching stablecoins pegged to other major fiat currencies in the future, specifically a euro-pegged stablecoin referred to as WEUR. By diversifying its stablecoin offerings, WSPN shows their ambition to cater to a broader range of users and facilitate cross-border transactions across DeFi. It also plans to monitor global financial environments and regulatory developments while considering the inclusion of currencies within supplementary foreign exchange reserve assets.

Technology stack and implementation

WSPN's technology stack consists of two layers: the fundamental blockchain network and the WSPN platform. The whitepaper provides a detailed overview of the fund workflow and the Proof of Reserves process with emphasis on the importance of transparency and the full backing of WUSD tokens.

The WSPN platform layer is responsible for various functions, including accepting fiat deposits, issuing WUSD tokens, and supporting withdrawals. This layer also facilitates the integration of WUSD with existing blockchain wallets, exchanges, and merchants to promote the widespread adoption of its stablecoin.

Partnerships and integrations

To enhance the utility and accessibility of WUSD, WSPN has formed strategic partnerships with several key players in the blockchain and DeFi ecosystem. These partnerships expand the use cases for WUSD and drive its adoption across various sectors.

One notable partnership is with OpenEden Labs, which has enabled the integration of WUSD into the DeFi ecosystem. This collaboration opens up new possibilities for users to engage with decentralized finance applications using WUSD, which could drive the growth of both stablecoins and the broader DeFi space.

Another noteworthy partnership is with KUN, a leading enterprise Web3 payment service provider. The goal with KUN is to implement cutting-edge Web3 payment technologies for real-world business use cases.

WSPN has also partnered with Certik, a leading blockchain security firm, to ensure the safety and integrity of its smart contracts. This partnership is important in building trust with users in DeFi.

Other strategic collaborations include partnerships with Fireblocks, a digital asset custody platform, and Chainalysis, a blockchain analytics provider. In addition to providing incentives to the project’s ecosystem partners to drive adoption, these partnerships further enhance the security, compliance, and accessibility of WUSD, positioning it as a reliable stablecoin solution for DeFi and Web3.

Community and adoption

WUSD's community and adoption strategy is built on its robust infrastructure, transparency, and strategic partnerships. WSPN is dedicated to fostering a vibrant and engaged community, which is essential for the widespread adoption of any stablecoin.

WUSD's partnerships with key players in the blockchain and DeFi ecosystem are instrumental in driving its adoption. By integrating WUSD into various platforms and applications, WSPN ensures that users can easily access and use WUSD for a wide range of purposes, from everyday transactions to more complex DeFi activities.

WUSD is available on Bitget via multiple local payment methods with zero network fees!

If you have been eyeing WUSD as the gateway to the world of crypto and Bitget, we offer a smooth onramp experience for all users via many local payment methods, including the following:

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Currently, WUSD is available for purchase with fiat currencies thanks to the support of Alchemy Pay. The process has been simplified to make sure that anyone can go through it with ease: