The Wyoming State makes measures towards the launch of a Stablecoin later this year, which could be the first Fiat and fully reserved back token issued by a public entity in the United States, state officials announced on Wednesday at DC Blockchain Summit.
The stable Wyoming (WYST) token is currently being tested on Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon and Coinbase Basic Testnets, according to a press release. The state works with Layerzero, an interoperability company for blockchain, to facilitate the deployment of tokens through these networks, said the executive director of the stable Wyoming token commission, Anthony Apollo, on stage.
Speaking during the event, Governor Mark Gordon and Apollo said that the token test phase would continue until the second quarter, with a complete potential launch targeted for July.
“The next testing phase and personalization of intelligent contracts is an imperative step towards delivery of the best product for holders of Wyoming and Stable tokens,” said Anthony Apollo. “Once launched, Wyst will grant holders the possibility of transmitting transactions made into dollars of any value, anywhere in the world, almost instantly, with costs considerably reduced compared to ACH or traditional threads.”
Stablecoins are one of the growing cryptographic sectors on an empty stomach with now nearly $ 230 billion in market value. These are blockchain -based tokens at a fixed price, mainly in the US dollar, and more and more popular for payments and funding. The buzz around the asset class has accelerated in recent months while the Trump administration has raised the regulation of stables of the agenda at the top of its crypto program, the bills advancing both in the House of Representatives and in the Senate.
Read more: Us House Stablecoin Bill about to become public, says the legislator at the top of cryptography
World banks and digital asset companies wish to capitalize on the opportunity. The management of Behemoth Fidelity Investments assets would have developed a Stablecoin, while World Liberty Financial (WLFI), a decentralized financial protocol supported by President Donald Trump, confirmed that he also planned to offer stablecoin.
