Wyoming is set to become the first U.S. state to issue its own stablecoin, the Wyoming Stable Token (WYST), with expectations for its debut in August at the Wyoming Blockchain Symposium. While WYST won't initially offer a yield, state lawmakers are considering implementing this feature later, potentially using the generated funds to support Wyoming's education system. The issuance of WYST comes amid the signing of the GENIUS Act, which aims to regulate stablecoins but raises concerns about central bank digital currencies (CBDCs) among some lawmakers. Despite criticisms suggesting the bill could lead to a cashless society and regulatory overreach, supporters argue that WYST is distinct from CBDCs as it is backed by U.S. Treasuries and not created from thin air. The Wyoming Select Committee on Blockchain has urged the Commission not to act as a political or financial gatekeeper in its governance. Current tests of WYST's functionalities involve making real-time payments to government contractors, with several blockchain networks under consideration for its deployment.

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