WUSD, issued by Worldwide Stablecoin Payment Network (WSPN), is a fiat-collateralized stablecoin that represents U.S. dollars (USD) onchain across multiple leading blockchains and remains redeemable 1:1 for USD at all times [S1].

WUSD tracks the U.S. dollar (USD) at a 1:1 peg, with each token backed 100% by the aggregate par value of high-quality liquid assets including cash, cash equivalents such as money market funds and repurchase agreements, and U.S. Treasury bills, under a disclosed possible allocation of 70-80% cash and cash equivalents and 20-30% short-term treasury bills maturing under 90 days [S1]. WUSD pays no yield, NAV accrual, or coupon to holders [S1]. Qualified businesses convert at no additional cost [S1].

WUSD is issued by Worldwide Stablecoin Payment Network (WSPN), identified on the issuer's developer documentation as the issuer of the WUSD digital dollar [S1]. The holder's claim is a fiat-collateralized stablecoin redeemable 1:1 for USD [S1]. Mint and redeem access is restricted to qualified businesses through a WSPN Corporate and Mint Account, and a KYC process must be completed before platform access; API and wallet credentials are issued only after registering a Corporate Account [S1][S2][S3]. Fiat reserves are custodied at the platform layer in WSPN bank accounts, and a Proof of Reserves process lets users verify that every WUSD in circulation is backed by a dollar held in reserve [S3].

WUSD runs on the Ethereum and Polygon mainnet networks, with Ethereum Sepolia and Polygon Amoy testnets [S1]. On purchase, fiat is deposited into WSPN's bank account and equivalent WUSD is minted onchain; bank confirmation takes approximately 10 minutes [S3]. On redemption, WUSD deposits arrive within roughly 1-3 minutes before USD withdrawal to a registered bank account [S3].

<Sources
  retrievedAt="2026-06-24"
  items={[
    { id: "S1", url: "https://developer.wspn.io/5768563m0" },
    { id: "S2", url: "https://developer.wspn.io/" },
    { id: "S3", url: "https://developer.wspn.io/5778215m0.md" },
  ]}
/>


# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

Stablecoins

WSPN issues the WUSD stablecoin (1:1 USD fiat-collateralized) and earns revenue from interest on reserves, cross-chain transfer fees, and transaction-fee sharing with integrated platforms.

WSPN builds a worldwide stablecoin payment network providing institutional-grade infrastructure for cross-border settlements and digital commerce. WUSD is their flagship USD-backed stablecoin collateralized 1:1 with fiat reserves.

WSPN (Worldwide Stablecoin Payment Network) was founded by Raymond Yuan, headquartered in Singapore with former Visa President John Partridge on its board.

website

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Stablecoin issuers

WSPN

Worldwide USD (WUSD) is a U.S. dollar stablecoin issued by WSPN through WSPN Fintech Limited.

Each token is redeemable one-for-one for U.S. dollars and is a direct claim on the issuer.

Reserves are held in accounts segregated from the issuer's own funds.

Institutions can mint and redeem directly with WSPN in USD after completing KYC, and holders have a contractual right to redeem at par.

WSPN Fintech Limited is the issuing entity.

Holder terms are governed by the law of Singapore.

WUSD has been issued on public blockchains since December 2024 and is native to Ethereum, Polygon, and Viction.

Worldwide USDWUSD