Wyoming is preparing to launch its state-backed stablecoin, WYST, on August 20 during the Wyoming Blockchain Symposium, following years of discussion since 2022. The Wyoming Stable Token Commission announced this debut earlier this week. The stablecoin is expected to operate on prominent blockchain networks, including Ethereum and Solana. House Majority Whip Tom Emmer expressed concerns over the initiative, calling it akin to central bank digital currencies (CBDCs). According to Anthony Apollo, executive director of the commission, WYST will function as a public good, with interest from its reserves contributing to the School Foundation Fund quarterly. The U.S. Senate's recent passage of the GENIUS Act, aimed at establishing a legal framework for stablecoins, highlights the increasing interest and regulation in this arena, aligning with wider trends where states and companies show eagerness to issue stable digital currencies.

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