Wyoming is on track to be the first U.S. state to issue its state-backed stablecoin, the Wyoming Stable Token (WYST), anticipated to launch next month. While WYST will not initially offer a yield, there is potential for this feature to be implemented later, as indicated by state senator Chris Rothfuss. This move is part of a broader initiative influenced by the recently passed GENIUS Act, which aims to regulate stablecoins amid ongoing debates about Central Bank Digital Currencies (CBDCs). Lawmakers express concern that regulations could infringe on financial sovereignty, countering authoritarian control. WYST is designed to be a DLT-backed token supported by U.S. Treasuries, emphasizing its distinction from CBDCs. The token aims to assist in funding Wyoming's education system. It will initially function on networks such as Ethereum or Avalanche and includes safeguards against unlawful transaction freezes which differentiate it from private sector stablecoins.

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