Wyoming is set to become the first U.S. state to issue its own stablecoin, the Wyoming Stable Token (WYST), which aims to provide an alternative to central bank digital currencies (CBDCs). Although WYST will not initially offer yields upon its debut, there is support among state lawmakers for future yield capabilities, with intentions for generated funds to support Wyoming’s school system. The legislation surrounding stablecoins, particularly the recently passed GENIUS Act, has raised concerns regarding financial sovereignty and regulatory overreach. Critics fear it could pave the way for a cashless society under government control. The Wyoming stablecoin is designed to comply with constitutional protections, distinguishing it from other stablecoins. WYST's backing is tied to U.S. Treasuries, and the state emphasizes its ability to resist federal mandates regarding fund control. The stablecoin's expected launch at the Wyoming Blockchain Symposium next month is anticipated to bolster the local crypto industry and may encourage other states to consider similar initiatives, while maintaining Wyoming's distinct sovereignty.

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