Wyoming is set to become the first U.S. state to issue its own stablecoin, the Wyoming Stable Token (WYST), which aims to operate outside the constraints of federal regulations imposed by the recently passed GENIUS Act. Although WYST will not initially offer a yield when it debuts, Wyoming State Senator Chris Rothfuss expressed support for enabling yield capabilities in the future. This initiative is motivated by a desire to fund the state's education system. The WYST is designed as a dollar-pegged stablecoin backed by U.S. Treasuries, distinguishing it from other central bank digital currencies (CBDCs). Concerns have been raised regarding potential governmental control over these digital assets, particularly regarding the power to freeze transactions. The Wyoming Select Committee on Blockchain has emphasized the need for the Commission to avoid acting as a political or financial gatekeeper. WYST is currently being tested for real-time payments to state contractors and is expected to launch at the Wyoming Blockchain Symposium in August.

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