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💥 THE FIRST STATE STABLECOIN 💥
Interesting material based on a X article from Mars_DeFi — about a project that could become the most unexpected turn in the history of US cryptocurrencies, and not only.
https://x.com/Mars_DeFi/status/1936431743126409432
The first state stablecoin in the United States is not being launched in New York or Washington. It is appearing in Wyoming — and this could become the largest state experiment in the field of cryptocurrencies.
In 2023, Wyoming adopted the Stable Token Act, which created a state commission to issue a stablecoin tied to the US dollar and fully backed by state reserves.
What is $WYST?
— Stablecoin pegged to USD at a ratio of 1:1
— Backed by more than 102% of government fiat reserves
— Publicly audited
— Multichain-compatible from the start
This is not a commercial token. $WYST is issued by the state and is intended to create real benefits, not profits. Income from the placement of reserves will be used to finance education, develop infrastructure and support social programs.
The pilot launch is scheduled for July 2025, and the main launch will be on August 20, 2025.
Approach to choosing a blockchain
The commission approached the issue technically. Dozens of blockchains were evaluated according to the following criteria:
— Speed ​​and throughput
— Finality of transactions and uptime
— Fee efficiency
— Ecosystem for developers
— Potential for interoperability
As a result, only two blockchains were selected for the pilot launch: Aptos and Sei. Solana scored the same amount of points, but did not make the cut.
Technological implementation
$WYST will use the OFT standard from LayerZero, which will allow it to move freely between supported networks.
Why is this important?
If the experiment is successful, it will set a precedent for other states and even countries. While the discussion of stablecoins at the congressional level is stalled, Wyoming is already building a working tool.
$WYST is perhaps the most serious state project in Web3 since the advent of Bitcoin. 2 replies
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