The Wyoming status is giving measures to launch a stablecoin at the end of this year, which could be the first token backed by Fiat and totally reserved issued by a public entity in the United States, state officials said at the DC Blockchain summit on Wednesday.
The stable Wyoming token (Wyst) is currently being tested in Avalanche, Solana, Ethereum, Arbitraum, Optimism, Polygon and Coinbase’s Base Testets, according to a press release. The State is working with Layerzero, a Blockchain interoperability company, to facilitate the deployment of tokens in these networks, said Wyoming Token commission executive, Anthony Apollo on stage.
Speaking at the event, Governor Mark Gordon and Apollo said that the token test phase will continue to the second quarter, with a possible complete launch directed to Julio.
“The next test and customization phase of intelligent contracts is an imperative step to deliver the best product for Wyoming and Stable Tokens,” said Anthony Apollo. “Once launched, WyST will grant holders the ability to transmit transactions called dollars of any value, anywhere in the world, almost instantly, with significantly reduced rates compared to the ACH or traditional cables.”
Stablecoins is one of the cryptographic growth sectors of fasting with a market value of almost $ 230 billion. They are blockchain based tokens with a fixed price, predominantly to the US dollar and increasingly popular for payments and remittances. The buzz around the asset class accelerated in recent months when the Trump administration raised the regulation of stamps at the top of their cryptographic agenda, with bills advancing both in the House of Representatives and in the Senate.
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Global banks and digital asset companies are interested in capitalizing the opportunity. According to the reports, the Fidelity Investments asset management giant develops a Stablecoin, while World Liberty Financial (WLFI), a decentralized finance protocol backed by President Donald Trump, confirmed that he also has plans to offer a stable.
