Wyoming plans to launch its very own crypto in July
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Wyoming says it will launch its own cryptocurrency by July, becoming the first state in the U.S. to issue a fiat-backed, fully-reserved stablecoin. The coin, named WYST, will be backed by cash, U.S. Treasuries, and repurchase agreements, and is required by law to maintain at least 102% in reserves. The information was reported during the DC Blockchain Summit, according to Bloomberg. Governor Mark Gordon said banks have dragged their feet when it comes to launching stablecoins. “I don’t think there’s any banks that have been really eager, right? To jump in,” Mark said at the summit. He also recalled a past conversation with JPMorgan CEO Jamie Dimon, saying, “If you’re gonna do something, you should really do it in Wyoming, because we have a framework to do it.” The coin is designed to bring new revenue to the state. Wyoming plans to use interest earned from the reserves to fund education and infrastructure. Mark said the token could also help people in agriculture. “It can also be a tool that farmers and ranchers can use to develop new markets,” he said. State sees WYST as a way to pull in new money WYST will be pegged to the U.S. dollar and structured to function like other stablecoins, which aim to hold a 1:1 value with the dollar. Interest in stablecoins is already growing across the U.S. Companies like Visa, PayPal, and Stripe are investing in projects tied to these coins or building their own. Lawmakers in Texas and Utah have also looked into issuing similar state-backed tokens, but none have moved as fast as Wyoming. The state has spent nearly a decade preparing for this. Since 2016, Wyoming has passed over 45 crypto-focused laws, trying to become less reliant on money from fossil fuels. More than 1,000 LLCs using names…
Filed under: News - @ March 26, 2025 8:20 pm