The Wyoming State is taking steps towards the launch of a stablecoin later this year, which could be the first Fiat-back and fully reserved token issued by a public creature in the US, state officials at the DC Blockchain Summit said Wednesday.
The Wyoming Stable token (WYST) is currently tested in Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon and Coinbase’s Base Testnets, according to A Press release. The state is working at Layerzero, a blockchain interoperability firm, to facilitate the token deployment throughout these networks, Wyoming Stable token Commission Executive Director Anthony Apollo said on stage.
Speaking of the event, Governor Mark Gordon and Apollo said the token test phase would continue in the second quarter, with a potential full launch targeted for July.
“The next phase of testing and customizing smart contracts is a necessary step toward delivering the best product for wyoming and stable token holders,” Anthony Apollo said. “When launched, Wyst will provide holders of the ability to transmit transactions denomination dollars of any value, anywhere in the world, almost immediately, with significantly reduced fees compared to traditional ACH or wires.”
Stablecoins is one of the growing fasting sectors with nearly $ 230 billion worth of market. These are blockchain -based tokens with a fixed price, mainly in the US dollar, and are especially popular for payments and remittance. Buzz around the asset class has accelerated in recent months as the Trump administration has raised Stablecoin regulation at the top of its crypto agenda, along with bills that advance to both the House of Representative and Senate.
Read more: US House Stablecoin Bill prepared to go public, the lawmaker at the height of the Crypto panel
Global banks and digital asset companies are keen to achieve the opportunity. Asset Management Behemoth Fidelity Investments reported Forming A stablecoin, while the World Liberty Financial (WLFI), a decentralized financial protocol supported by President Donald Trump, confirmed It also has plans to offer a stablecoin.
