Wyoming is moving forward with plans to launch the United States’ first state-backed stablecoin, called WYST. The Wyoming Stable Token Commission has set August 20 as the target date for the official launch of the WYST token. This stablecoin is pegged to the U.S. dollar and is part of Wyoming’s larger goal to become a central hub for blockchain technology and digital assets. Wyoming’s Blockchain Push Wyoming is interested in digital assets and aims to lead in blockchain regulation and innovation. The WYST token was authorized under the Wyoming Stable Token Act in 2023. Now, the state-backed commission overseeing the project is preparing for a full mainnet launch. This launch could occur around the same time a national stablecoin law might be signed. President Donald Trump, holding up to $1 billion in cryptocurrencies , intends to support the proposed stablecoin law. The commission has not yet chosen which blockchain or multiple blockchains will host the WYST token. However, 11 blockchains are being considered, including Ethereum (ETH), Solana (SOL), Avalanche, Polygon, and Base. Several of these may be selected for the initial launch. The commission is testing how well WYST works on these networks. In recent meetings, the commission added Aptos and Sei to the list of options and created new selection criteria. The chosen blockchain(s) must support integrations with LayerZero and Fireblocks’ system, ensuring secure and smooth transactions. Wyoming Begins Stablecoin Testing Ahead of Public Launch As part of its preparation, the commission plans to simulate real-world use of the stablecoin. The WYST smart contracts will be moved to a few candidate blockchains. Also, the commission plans to make a small WYST purchase using public funds to confirm that every step, from minting to transfer, is working as expected and ready for public use. These tests are expected to be completed in time for a major announcement planned for August, when the Wyoming Blockchain Symposium will occur. Wyoming To Expand Crypto Plans Beyond WYST The Wyoming Stable Token Commission is not stopping with WYST. The state plans to file trademarks for new digital currencies. These include the Frontier Stable Token (FRNT/iFRNT) and the Wyoming Electronic Stable Token (WEST). These may signal more innovation and digital asset development from the state shortly. Wyoming’s plan to launch a state-backed stablecoin is part of a larger trend in the U.S. and worldwide. More governments and institutions are now interested in official digital currencies that follow clear rules , mainly because crypto assets and stablecoins are growing quickly. At the same time, there is growing pressure on regulators to step in and provide more control and safety in the stablecoin market, especially as this type of digital asset continues to expand. The post Wyoming’s WYST Stablecoin Set for August Mainnet Launch appeared first on TheCoinrise.com .
