Wyoming is set to launch its own stablecoin, the Wyoming Stable Token (WYST). Initially, WYST will not offer a yield, but state lawmakers, led by Senator Chris Rothfuss, express strong support for enabling this feature later, which would help fund Wyoming's school system. This initiative comes amidst the recent passage of the GENIUS Act, which outlines how stablecoins are regulated but has raised concerns about potential central bank digital currency implications. The bill mandates financial institutions to have measures to block certain transactions, yet WYST's unique state-backed nature might allow it to sidestep some of these rules. Critics, including conservative lawmakers, warn that the legislation could undermine financial sovereignty and suppress cash transactions. The launch is part of a broader effort to increase crypto adoption in Wyoming, known for its progressive stance on blockchain technology. WYST will initially operate on existing blockchain networks and is currently in a pilot phase, with its debut anticipated at the Wyoming Blockchain Symposium in August.

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