The Wyoming stable token commission has teamed up with the Inca Digital Analysis supplier to help the Commission monitor and mitigate the risk of fraud and maintain the security of the stable token (WYST) security as its launch date approaches, he said in a statement on Monday.
The Inca will provide advanced analyzes, cross surveillance and help the Commission detect all the threats that WYST could face, the company said in a press release.
The WYST should be the first stable token entirely preserved and supported by Fiat issued by an American public entity. Wyoming governor Mark Gordon said in March that the stable token test phase would continue until the second quarter of 2025 and potentially launched by July.
Wyoming has made efforts in the past to be a crypto and blockchain center by establishing friendly policies for the sector, giving the tone to the rest of the United States, it has adopted more than 35 laws to regulate the cryptographic sector since 2018 and attracted more than 3000 technological companies.
“Our partnership with Inca Digital marks a critical step in our commitment to transparency, security and innovation,” said Anthony Apollo, Executive Director of Wyoming Stable Token Commission.
Like the other stablecoins, the WYST is fixed to the assets. Once launched, he will be a representative of digital assets, exchangeable for an American dollar and entirely supported by treasury vouchers, in cash and in buyout.
The Stablescoins market has increased rapidly and is now worth 245 billion dollars according to Coingecko data. Stablescoin legislation could withdraw this number to reach $ 2 billions in the three years, according to a standard approved forecast.
Read more: Stablecoins to go to current in 2025 after American regulatory progress: Deutsche Bank
