Wyoming is set to become the first U.S. state to launch its own stablecoin, the Wyoming Stable Token (WYST), which could challenge central bank digital currency (CBDC) regulations. Although WYST will not initially offer a yield, lawmakers have expressed support for introducing this feature later. The token is backed by U.S. Treasuries and aims to fund Wyoming’s school system. The recent GENIUS Act, signed into law, introduces comprehensive regulations for stablecoins, raising concerns about potential impacts on financial sovereignty. Proponents emphasize WYST’s constitutional protections against federal overreach, citing the state's unique position in navigating federal requests. The Wyoming Select Committee on Blockchain has urged the Commission to avoid acting as a political gatekeeper, ensuring that WYST remains free from undue restrictions. The token is expected to debut in August during the Wyoming Blockchain Symposium, with initial tests already underway using Avalanche-based protocols for real-time payments. This legislative push reflects Wyoming’s ongoing commitment to establishing itself as a crypto-friendly jurisdiction amid federal concerns over CBDCs and centralized control over digital assets.

Source 🔗