A State in the US Selects Two Surprise Altcoins for the Stablecoin Network!

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

In a 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 that the stablecoin WYST was designated as the primary distribution platform.

WYST is set to be the first fiat-backed stablecoin issued by a U.S. state government. This digital asset, which will be pegged to the U.S. dollar at a 1:1 ratio, is designed to operate across multiple blockchains through LayerZero technology. Users will be able to conduct transactions on this public blockchain without needing permission from any centralized entity.

Despite having a population of about 600,000, making it the least populous state in the U.S., Wyoming stands out as the state with the most "permissive" legal environment for digital assets. The WYST project launched in this context aims to target not only the digital economy but also the public good.

Behind the stablecoin, there will be interest-bearing US Treasury bonds and repurchase agreements (repo). The income generated from these financial instruments will be transferred to the 'Wyoming School Foundation Program' under the Wyoming Department of Education. This will contribute to the funding of schools in the state by increasing the use of stablecoins.

*Not investment advice.

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