Wyoming is poised to become the first U.S. state to issue its own stablecoin, the Wyoming Stable Token (WYST), expected to debut soon. While WYST won't initially offer a yield, state lawmakers, led by Senator Chris Rothfuss, are supportive of enabling this feature in the future, a crucial aspect intended to fund the state's school system. Wyoming has a history of resisting federal interference, and state lawmakers claim that federal rules on stablecoins, such as the requirement for procedures to block or freeze transactions, may not apply to WYST. The token is to be backed by U.S. Treasuries, distinguishing it from central bank digital currencies (CBDC). The Western state has actively engaged in a pilot program to utilize WYST for government payments, exploring its technical capabilities across several blockchain networks. The project reflects Wyoming's commitment to providing cryptocurrency solutions while addressing regulatory concerns over financial sovereignty and consumer freedoms, as highlighted in reaction to the recently signed GENIUS Act, which some lawmakers fear could lead to a cashless society.

Source šŸ”—