Latest news with #WYST
Yahoo
13-05-2025
- Business
- Yahoo
Wyoming Taps Inca Digital to Secure First State-Issued Stablecoin Ahead of July Launch
The Wyoming Stable Token Commission has partnered with analytics provider Inca Digital to help the Commission monitor and mitigate fraud risks and keep the Wyoming Stable Token (WYST) secure as it nears its launch date, it said in a statement on Monday. Inca will deliver advanced analytics, cross-market oversight and help the Commission detect any threats that the WYST could face, the company said in a press release. The WYST is set to be the first fully-reserved, fiat-backed stable token issued by a U.S. public entity. Wyoming Governor Mark Gordon said in March that the stable token's testing phase will continue until the second quarter of 2025 and potentially launch by July. Wyoming has made efforts in the past to be a crypto and blockchain hub by establishing friendly policies for the sector, setting the tone for the rest of the U.S. It has passed over 35 laws to regulate the crypto sector since 2018 and has attracted over 3,000 tech companies as a result. 'Our partnership with Inca Digital marks a critical step in our commitment to transparency, security, and innovation,' said Anthony Apollo, executive director of the Wyoming Stable Token Commission. Like other stablecoins, the WYST is pegged to assets. Once launched, it will be a digital asset representative, redeemable for one U.S. dollar and fully backed by U.S. treasuries, cash and repurchase agreements. The stablecoins market has been growing rapidly and today stands at being worth $245 billion according to CoinGecko data. Stablecoin legislation could boost that number tenfold to reach $2 trillion within three years, according to a Standard Chartered forecast. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-03-2025
- Business
- Yahoo
Wyoming could launch state-issued stablecoin in July
The U.S. state of Wyoming is planning to launch its state-issued stablecoin in July 2025, Governor Mark Gordon said on March 26. Called the Wyoming Stable Token (WYST), the stablecoin will be launched on LayerZero. It will be available across several blockchains, such as Ethereum, Solana, Avalanche, Arbitrum, Optimism, Polygon, and Base. LayerZero is a blockchain interoperability protocol. It means that the protocol allows developers to transfer data across multiple blockchains. A stablecoin is a type of cryptocurrency that attempts to maintain a stable value by being pegged to a relatively stable asset such as a fiat currency or a commodity. Being a crypto asset, a stablecoin offers typical associated benefits such as fast transactions and decentralization. However, it tends to avoid the general volatility of the crypto market. Wyoming Stable Token is currently being tested and will likely be launched by July 2025. Backed by both cash and U.S. Treasury securities, the stablecoin will be over-collateralized to address the risk of de-pegging. Interest from the treasuries will flow into the state's school foundation fund. Governor Gordon noted, 'Our forward-thinking approach to blockchain and digital asset legislation has positioned Wyoming as a model for not only other states, but the federal government as well.' 'Once launched, WYST will grant holders the ability to transmit dollar-denominated transactions of any value, anywhere in the world, nearly instantly, with significantly reduced fees compared to traditional ACH or wires,' said Wyoming Stable Token Commission Executive Director Anthony Apollo. The Commission, which will look after the stablecoin launch, was created in March 2023 under the Wyoming Stable Token Act. As per DefiLlama, the market capitalization of the stablecoin market stood at $222 billion as of March 27. Sign in to access your portfolio
Yahoo
28-03-2025
- Business
- Yahoo
Wyoming State Gears Towards Launching a Stablecoin This Year
Wyoming state is making steps towards launching a stablecoin later this year, which could be the first fiat-backed and fully reserved token issued by a public entity in the U.S., state officials said at the DC Blockchain Summit on Wednesday. The Wyoming Stable Token (WYST) is currently being tested on Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon and Coinbase's Base testnets, according to a press release. The state is working with LayerZero, a blockchain interoperability firm, to facilitate token deployment across these networks, said Wyoming Stable Token Commission Executive Director Anthony Apollo on stage. Speaking at the event, Governor Mark Gordon and Apollo said that the token's testing phase will continue through the second quarter, with a potential full launch targeted for July. 'The next phase of testing and customizing smart contracts is an imperative step towards delivering the best product for Wyoming and stable token holders,' said Anthony Apollo. 'Once launched, WYST will grant holders the ability to transmit dollar-denominated transactions of any value, anywhere in the world, nearly instantly, with significantly reduced fees compared to traditional ACH or wires.' Stablecoins are one of the fasting-growing crypto sectors with now nearly $230 billion market value. They are blockchain-based tokens with a fixed price, predominantly to the U.S. dollar, and increasingly popular for payments and remittances. Buzz around the asset class accelerated over the past months as the Trump administration elevated stablecoin regulation to the top of its crypto agenda, with bills advancing in both the House of Representatives and the Senate. Read more: U.S. House Stablecoin Bill Poised to Go Public, Lawmaker Atop Crypto Panel Says Global banks and digital asset firms are keen to capitalize on the opportunity. Asset management behemoth Fidelity Investments reportedly develops a stablecoin, while World Liberty Financial (WLFI), a decentralized finance protocol backed by President Donald Trump, confirmed it too has plans to offer a stablecoin.
