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Wyoming Unveils First State-Issued Stablecoin Called WYST, Set to Launch in July
The state of Wyoming has announced the development and launch of its first-ever state-issued stablecoin, dubbed WYST. This innovative move marks a significant milestone in the evolution of cryptocurrency and blockchain technology.
According to sources close to the matter, WYST will be launched in July, providing users with a reliable store of value and a secure means of payment. Wyoming’s bold step sets the stage for other states to follow suit and potentially transform the financial landscape.
The development of WYST is reportedly being managed by the State of Wyoming’s Blockchain Task Force, which has been working closely with industry experts to ensure that this stablecoin meets the necessary security standards.
Arbitrum, the largest Ethereum layer-2 network, controlling 40% of the market, will be utilized as the underlying infrastructure for WYST. This choice underscores the platform’s potential and demonstrates its commitment to advancing blockchain technology in the United States.
As the first state-backed stablecoin, WYST is expected to gain significant traction, offering users a safe-haven asset that benefits from both Wyoming’s regulatory oversight and Arbitrum’s scalability and security.
Source: https://cryptoslate.com/wyoming-unveils-first-state-issued-stablecoin-called-wyst-set-to-launch-in-july/
