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Wyoming Explores WYST Stablecoin Launch Amid Considerations for Blockchain Partnerships and Fiscal Concerns
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Wyoming is set to make a significant move into the cryptocurrency realm with the upcoming launch of its WYST stablecoin, pegged to the U.S. dollar.
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The state aims to use substantial assets, including cash and Treasury bonds, to ensure the stability of WYST while considering various blockchains for its deployment.
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LayerZero, the technology partner for this initiative, emphasized the historic nature of this public entity’s endeavor to transition fiat currency onto the blockchain.
Wyoming is launching the WYST stablecoin in July, backed by cash and Treasury assets, marking a historic step for digital currency integration in state finance.
Wyoming To Enter Stablecoin Market
Stablecoins are gaining traction within U.S. governmental discussions, as recently highlighted by former President Trump, who suggested their potential role in maintaining global dollar supremacy. Wyoming’s partnership with LayerZero to initiate its stablecoin, WYST, reflects this emerging trend.
“We’re honored to be chosen by Wyoming as the token issuance partner for WYST, the first fiat-backed and fully-reserved stablecoin issued by a public entity in the United States. There’s no clearer signal of where finance is heading than a US state putting the dollar onchain,” LayerZero stated via their social media channels.
LayerZero, renowned for its interoperability protocol, will play a crucial role in the issuance of WYST. Wyoming is currently evaluating nine potential blockchains, including Solana, Ethereum, and Polygon, as candidates for hosting this innovative financial instrument.
Governor Mark Gordon announced the intricate partnership during the recent DC Blockchain Summit, though notably, it appears to be proceeding without the involvement of Senator Cynthia Lummis, a prominent advocate for cryptocurrency regulation.