Wyoming, known for its crypto-friendly environment, has announced the selection of Aptos and Solana blockchains for its state-backed stablecoin project WYST.
About the WYST Project
WYST will be the first stablecoin issued by a US state. Each WYST will be pegged to the US dollar at a 1:1 ratio and will operate across multiple blockchains utilizing LayerZero technology.
Technical Characteristics
According to a statement from the Wyoming Stable Token Committee, the Aptos and Solana blockchains achieved high scores for their technical competence and performance, making them the priority for the WYST project.
Social Aspects and Funding
The WYST stablecoin will be backed by interest-bearing US Treasury bonds and repos. Income from these financial instruments will be directed to the Wyoming School Foundation Program, supporting education funding in the state.
The WYST project reflects Wyoming's commitment to advancing the digital economy while contributing to the public good through education funding.
