So, Wyoming—yes, the state with more cows than people—is about to launch its very own stablecoin. Because apparently, what the world needs now is a digital currency backed by, well, Wyoming. The Wyoming Stable Token (WYST, because of course it has a catchy acronym) is set to debut on LayerZero by July 2025. 🚀
According to the big announcement on March 26, the Wyoming Stable Token Commission (yes, that’s a real thing) has teamed up with LayerZero (ZRO) to make this happen. At the DC Blockchain Summit, Governor Mark Gordon and commission executive director Anthony Apollo (who sounds like he should be in a sci-fi movie) revealed that WYST is already in testing. 🧪
Test tokens have been deployed on Avalanche (AVAX), Solana (SOL), Ethereum (ETH), and other blockchains. These tokens are basically Monopoly money for now, but they’re helping ensure the system doesn’t implode before the official launch. 💥
WYST will be backed by cold, hard cash and U.S. Treasury securities, because stability is key when you’re dealing with digital money. The interest from these reserves will go to Wyoming’s school foundation fund, because nothing says “innovation” like funding education with crypto. 🏫💰
Governor Gordon, in a moment of peak self-congratulation, declared that Wyoming is a blockchain trailblazer. “Our forward-thinking approach to blockchain and digital asset legislation has positioned Wyoming as a model for not only other states, but the federal government as well,” he said. Sure, Mark. Sure. 🏔️
“Our forward-thinking approach to blockchain and digital asset legislation has positioned Wyoming as a model for not only other states, but the federal government as well.”
— Mark Gordon, Wyoming Governor
The commission chose LayerZero’s Omnichain Fungible Token standard because it lets WYST hop between blockchains like a caffeinated kangaroo. This reduces security risks by avoiding centralized bridges, which are apparently the digital equivalent of rickety rope bridges over lava. 🌋
In a recent test, WYST successfully moved between Ethereum and Avalanche using Stargate, a LayerZero-powered bridge. But really, any compatible interface can handle WYST transfers, because inclusivity is key in the world of crypto. 🌈
Wyoming lawmakers have been working on this since passing the Wyoming Stable Token Act in March 2023. The commission is now fine-tuning WYST’s smart contracts and risk management framework. If all goes well, we’ll have a shiny new stablecoin by July 2025. 🎉
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2025-03-27 06:21