Wyoming State is taking steps towards the launch of a stablecoin later in the year, which may be the first Fiat-backed and fully reserved token issued by a public unit in the United States, state officials said at the DC Blockchain Summit on Wednesday.
Wyoming Stable Token (WYST) is currently being tested at Avalanche, Solana, Ethereum, Arbitum, Optimism, Polygon and Coinbases Basic Stet, according to a press release. The state is working with Layerzero, a blockchain inter -operability company, to facilitate token implementation across these networks, Wyoming Stable Token Commission CEO Anthony Apollo said on stage.
When we talked at the event, Governor Mark Gordon and Apollo said the token’s test phase will continue through the second quarter with a potential full launch targeted at July.
“The next phase of testing and customizing smart contracts is an imperative step towards delivering the best product to Wyoming and stable token holders,” Anthony Apollo said. “When WYST is launched, Wyst holders give the opportunity to transfer dollar-denominated transactions of any value anywhere in the world, almost immediately, with significantly reduced fees compared to traditional ACH or wires.”
Stableecoins are one of the fasting growing crypto sectors with now almost $ 230 billion market value. They are blockchain-based tokens with a fixed price, predominantly for the US dollar and increasingly popular for payments and transfers. Buzz around the asset class accelerated in the last months as the Trump administration raised stableecoin regulation to the top of his crypto agenda, with bills that went on in both the House of Representatives and the Senate.
Read more: US House StableCOin Bill is ready to become public, says legislator on top of the Crypto Panel
Global banks and digital asset companies are eager to take advantage of the opportunity. Asset Management Behemoth Fidelity Investments is reportedly developing a stableecoin, while World Liberty Financial (WLFI), a decentralized funding protocol supported by President Donald Trump, also confirmed that it plans to offer a stableecoin.
