Wyoming is on the verge of launching its own stablecoin, the Wyoming Stable Token (WYST), which aims to position itself as a competitive alternative to centralized bank digital currencies (CBDCs). Although WYST will not initially offer yield, U.S. Senator Chris Rothfuss expressed potential support for this feature in the future. The state’s lawmakers are optimistic about navigating federal regulations with greater flexibility than private firms, which often have to comply with stringent federal requests. The GENIUS Act, recently passed, has raised concerns about increasing CBDC adoption, with some critics arguing that it could undermine financial autonomy. Proponents of WYST stress that it will be backed by U.S. Treasuries, contrasting with CBDCs that could be created without backing. The token is currently undergoing pilot testing and is expected to debut at the Wyoming Blockchain Symposium in August, potentially using networks like Avalanche and Ethereum.

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