Wyoming is preparing to launch its first state-backed digital token in the U.S., the Wyoming Stable Token (WYST). The launch is set for August 20, 2025.
Information about WYST
The Wyoming Stable Token (WYST) will be pegged to the U.S. dollar and backed by safe investments such as U.S. Treasuries. Its aim is to simplify digital payments and showcase Wyoming's leadership in blockchain technology.
Technical Features and Preparation
The commission is working on several tasks. For finances, they are finalizing rules for managing the token’s funds, with public feedback due by June 30. They have also signed contracts with companies like Franklin Templeton to handle the money and Chainalysis to track transactions. WYST is being tested on blockchains like Solana and Ethereum.
Opinions on the Token Launch
Anthony Apollo, the leader of the WYST project, stated that the token needs to be safe and clear for everyone using it. He mentioned that the profits from WYST's reserves could help fund schools and roads in Wyoming. However, State Auditor Kristi Racines expressed concerns that the launch date of August 2025 might be too soon for proper preparation.
The Wyoming Stable Token promises to be a significant step forward in the development of digital currencies in the U.S., highlighting Wyoming's growing influence in blockchain technology.
