US State Wyoming Nears First Stablecoin Launch

Back in March of 2022 I wrote a blog piece on Wyoming's desire to release a stablecoin.  Seems like the state of Wyoming is close to bringing their stablecoin release a reality.   In fact, only  a few short months away!  This is all based off the Legislation which is Wyoming Stable Token Act (SF0106). This did not get released in 2022 which was the original goal.

What are the goals of SF0106?

This is not a currency,” “it’s a digital expression of a fully reserved dollar … and is supportive of the U.S. dollar.”  This is done via a reserve management system. Which mandates that tokens be fully backed with a 102% minimum reserve consisting of a breakdown of U.S. dollars and Treasury bills.

Where would this release put Wyoming?

This would firmly plant Wyoming at the Apex position for state based stablecoins, this is from a forward thinking and framework standpoint. The anticipated “WYST” token will be released on the Avalanche blockchain. The original goal was to deploy on the Cardano blockchain, but the state pivoted back in November 2024.  Some of the proceeds will be used to help pay for public schools (education)

Summary

Can Wyoming make their stablecoin a reality which is a ‘Public Entity for the Public Benefit’?!?  The goal is that WYST can be used to settle dollar denominated transactions anywhere on earth while helping to fund other state initiatives. 

Credits - 

Blog Pic - Cointelegraph - all rights remain

Quote from Wyoming Digital Asset commission - all rights remain