Wyoming is preparing to launch the government-supported stablecoin
New information about the WYST project
On June 21, according to sources from The Block, the Wyoming Stablecoin Committee officially revealed the plan to issue the WYST stablecoin, a government-backed cryptocurrency. According to the minutes of the latest monthly meeting, the organization plans to launch the mainnet on August 20. With ambitions to become one of the key stablecoins, the organization has not yet specified which blockchain will serve as the primary issuance platform, although there are up to 11 options such as Aptos, Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, Sei, Solana, Stellar, and Sui. The project is likely to issue WYST across different blockchains to optimize scalability and interoperability.
Release roadmap and preparation steps
According to the latest plan, the organization will transfer WYST's smart contracts to the chosen target blockchain. After that, production testing will be carried out, including the use of the organization's funds to buy and sell small amounts of WYST to test the entire operational flow. This stage aims to ensure the system operates smoothly, ready for the anticipated public launch in August, as part of the Wyoming Blockchain Workshop. This demonstrates the project's high strategic value in integrating stablecoins into the broader cryptocurrency ecosystem.
Update information about the WYST testing phase
Previously, sources confirmed that the WYST stablecoin is in a crucial testing phase. The Governor of Wyoming emphasized that this stabilization is expected to officially launch in July. The emergence of this government-supported stablecoin not only helps promote the development of the blockchain industry in Wyoming but also enhances the trust of organizations and investors when participating in the cryptocurrency market.
The impact of WYST on the cryptocurrency market
Introduction to the Wyoming government stablecoin
The WYST stablecoin is seen as a significant advancement in the regional-scale cryptocurrency platform, receiving clear support from the Wyoming state government. The unique feature of WYST is its high resistance to slippage, aimed at maintaining stable value against the USD, making it easier for investors and large organizations to trade and minimize risks related to price volatility.
Potential applications of WYST
In the context of many stablecoin projects being criticized for transparency, WYST embodies the strict standards of government organizations, promising to set a new benchmark for the industry. The issuance across multiple blockchains will expand integration capabilities in DeFi, lending platforms, payment systems, and other DeFi services. This marks a transformation of stablecoins into a secure, reliable means of payment within the cryptocurrency ecosystem.
Conclusion
The WYST project from Wyoming is attracting great attention from the global cryptocurrency community. The anticipated launch in August, along with rigorous testing steps, promises to make this stablecoin a new standard for transparency and stability in the cryptocurrency market. The backing by the government organization will surely open up many expansion opportunities, promoting the sustainable development of blockchain applications in the DeFi industry.
Source: https://tintucbitcoin.com/wyoming-ra-mat-stablecoin-wyst-ngay-20-8/
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