The WYST Stablecoin is making waves! š Wyoming is set to launch its own stablecoin, WYST, in July, making it the first US state to issue a digital token.Ā¹ Ā² Ā³ This stablecoin will be pegged to the US dollar and backed by cash, US Treasuries, and repurchase agreements, with a capitalization requirement of at least 102%.
Key Features:
- Multichain Support : WYST will be supported on multiple blockchains, including Ethereum, Solana, Avalanche, and others.
- Over-Collateralization : The stablecoin will be over-collateralized with cash and US Treasuries to reduce the risk of de-pegging.
- Interest Benefits : Interest from Treasuries will be deposited into Wyoming's school foundation fund.
Partnership and Development :
Wyoming has partnered with LayerZero to develop and issue WYST. The stablecoin is currently in its testing phase, with a potential launch in July 2025.