The most important consideration of this initiative is transparency. The proof of reserve is on-chain, which shows the exact 1:1 between minted wDoge tokens and Dogecoin stored by the custodians. When wDoge token holders redeem their tokens for Dogecoin, the tokens are burned. The minting and burning of tokens is in turn tracked and verifiable on the blockchain.
wDoge is a community-led project and its partners include merchants, custodians, exchanges, and DAO members.