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Wyoming to Launch State-Backed Stablecoin WYST Using LayerZero Technology in July
- Wyoming is launching its state-backed stablecoin, the Wyoming Stable Token (WYST), in July 2025, as the first fully reserved stablecoin in the U.S. by a public entity.
- WYST is backed by cash and U.S. Treasuries to ensure stability and peg to the U.S. dollar, with interest earned from reserves going to Wyoming’s School Foundation Fund.
- The Wyoming Stable Token Act and commission showcase Wyoming's innovative approach to blockchain, testing WYST on various blockchain networks for wider accessibility.
- Governor Mark Gordon highlights Wyoming's leadership in blockchain legislation, aiming for transparency and security in WYST through over-collateralization.
- WYST distinguishes itself by earmarking interest generated from reserves for the state's education system, promoting blockchain technology for public benefit.
- WYST aims to enable global value transfers at lower costs than traditional systems, offering revenue generation potential while minimizing financial risks for Wyoming.
- LayerZero Labs is the token issuance partner for WYST, facilitating technical deployment and cross-chain transfers for seamless interoperability.
- The public availability of WYST test-deployment smart contract addresses encourages transparency, community engagement, and further technical enhancements.
- Wyoming's introduction of WYST marks a significant step in government-issued digital assets and public digital infrastructure, promoting a shift towards public-good-oriented blockchain use cases.
- The launch of WYST signifies Wyoming's commitment to exploring stablecoins under regulation, potentially paving the way for more government-issued digital assets in the future.
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