Wyoming is set to become the first U.S. state to issue its own stablecoin, the Wyoming Stable Token (WYST), which may later allow yields despite initial plans not to include that feature. Supported by state lawmakers, WYST aims to operate in a decentralized manner while aligning with the new GENIUS Act, which requires financial institutions to block certain transactions. However, as a state-issued token, WYST could avoid some of these restrictions. The token, which will be launched next month, is backed by U.S. Treasuries and is positioned as a viable alternative to centralized bank digital currencies (CBDCs). State officials express confidence in WYST's unique structure, emphasizing that it respects constitutional protections against asset freezing. The forthcoming launch is not without controversy; some lawmakers worry it may facilitate a cashless society. Despite this, advocates view it as a pathway to enhance Wyoming's educational funding and promote broader adoption of cryptocurrencies within regulatory frameworks.

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