Wyoming is set to become the first U.S. state to issue its own digital currency, WYST, backed by U.S. Treasury bonds.
Wyoming's Cryptocurrency Initiative
During the Blockchain Summit in Washington D.C., Governor Mark Gordon announced the initiative to develop Wyoming's state cryptocurrency. This will make Wyoming the first state in the U.S. to launch its own digital currency.
Technical Aspects of WYST Token
The WYST token will be fully backed by U.S. Treasury bonds, cash, and repo agreements. With a minimum capitalization of at least 102%, WYST will function as a stablecoin, aiming to operate on blockchain platforms such as Solana, Ethereum, and Polygon.
Role of LayerZero in Launch
LayerZero has been selected as the token issuance partner for WYST. The institution announced that following a thorough RFP process, the Wyoming Stable Token Commission selected LayerZero to issue WYST using the Omnichain Fungible Token (OFT) Standard. This allows WYST to be cross-chain from the start.
The launch of WYST could be a significant step for Wyoming in strengthening its position as a leader in cryptocurrency initiatives among U.S. states.
