'Public Good': Wyoming Plots August Debut for WYST Stablecoin
Wyoming is set to launch its own stablecoin, the Wyoming Stable Token (WYST), on August 20 at the Wyoming Blockchain Symposium. The initiative, planned since 2022, aims to provide a stable cryptocurrency for residents. WYST will operate across major crypto networks, including Ethereum and Solana. Interest earned from reserves backing the token will be allocated to the School Foundation Fund quarterly. The stablecoin is designed to be non-volatile and pegged to the US dollar, typically issued by private companies. The U.S. Senate recently passed the GENIUS Act, establishing a regulatory framework for stablecoins, with the House considering the legislation. Wyoming is recognized for its crypto-friendly regulations, attracting companies like Kraken to relocate there.
