A US State Surprisingly Selects Two Altcoins for Its Stablecoin Network

Wyoming, one of the most crypto-friendly states in the US, has announced that it has officially chosen Aptos and Solana blockchains for its state-backed stablecoin project WYST.

In the statement made by the Wyoming Stable Token Committee, it was stated that both networks received the highest scores in terms of technical competence and performance and the stablecoin WYST was determined as the priority distribution platforms.

WYST is the first fiat-backed stablecoin to be issued by a US state government. The digital asset, which will be pegged 1:1 to the US dollar, is designed to operate on multiple blockchains via LayerZero technology. Users will be able to conduct transactions on this public blockchain without requiring permission from any centralized entity.

Although Wyoming is the least populous state in the US with a population of approximately 600 thousand people, it stands out as the state with the most “permissive” legal environment regarding digital assets. The WYST project launched in this context aims not only at the digital economy but also at the public good.

The stablecoin will be backed by interest-bearing US Treasury bonds and repurchase agreements (repos). The income from these financial instruments will be transferred to the Wyoming School Foundation Program, which is affiliated with the Wyoming Department of Education. In this way, the increased use of stablecoins will directly contribute to the funding of schools in the state.

*This is not investment advice.