Inca Digital to Monitor America’s First State-Issued Stablecoin

The Wyoming Stable Token Commission has partnered with analytics firm Inca Digital to monitor transactions of the “first state-issued stablecoin,” WYST.

We’re partnering with The Wyoming Stable Token Comission to support WYST, the first fully-reserved, fiat-backed stable token issued by a U.S. public entity.

We’ll be working with @wyostable to ensure that WYST operates with the highest standards of transparency and security.…

— Inca Digital (@inca_digital) May 12, 2025

The asset’s launch is scheduled for July 2025.

WYST will be the first U.S. stablecoin backed by treasury bonds, cash, and repo agreements, issued by a state entity.

The Commission stated that the project’s goal is to enhance transparency in financial operations and position Wyoming as a leader in digital asset regulation.

Founded in 2019, Inca Digital will analyze WYST transactions in real-time to detect suspicious activities, including money laundering and fraud.

“Our collaboration with Inca Digital underscores our commitment to innovation and investor protection,” said Commission head Anthony Apollo.

The token is currently being tested on several blockchain networks. According to Apollo, WYST will enable “near-instant dollar transfers with minimal fees.”

In March 2024, the state legalized DAO operations.

In February 2025, Wyoming rejected a bill on bitcoin reserves.