Wyoming Announces Launch of ‘First State-Issued Stablecoin’

Wyoming plans to issue its own fiat-backed stablecoin by July, according to Bloomberg.

If the project comes to fruition, the ‘stablecoin’ will be the first issued by a government entity in the United States.

The token will be backed by treasury bonds, cash, and asset repurchase agreements.

State legislation mandates maintaining a backing level of at least 102%. Revenue from reserve assets will be directed towards education and infrastructure development. The new token has been tentatively named WYST.

Wyoming Governor Mark Gordon noted that the stablecoin could benefit not only farmers but the entire agricultural sector.

Back in March 2024, the state legalised the activities of DAOs. These organisations can enter into contracts with third parties, open bank accounts, appear in court, and pay taxes.