Wyoming is poised to become the first U.S. state to launch its own stablecoin, the Wyoming Stable Token (WYST), which is expected to debut next month. Initially, WYST will not offer yield but there are plans to enable this feature later, potentially generating funds for Wyoming’s school system. The introduction of WYST comes in light of the GENIUS Act, a comprehensive regulatory framework for stablecoins, which requires financial institutions to block certain transactions but may not apply fully to state-issued tokens. State Senator Chris Rothfuss expressed confidence in the ability to offer yield on WYST, emphasizing that Wyoming's regulatory stance allows flexibility compared to federal mandates. The token is backed by U.S. Treasuries and aims to resist political or financial gatekeeping, setting it apart from central bank digital currencies (CBDCs), which face scrutiny over potential government control. A pilot program is currently underway, testing WYST's use for real-time government payments on potential blockchain networks including Ethereum and Solana.

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