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Investing.com -- Wyoming is planning to launch its own cryptocurrency, named WYST, as early as July 2025. This marks the first state-backed stablecoin to be issued by a U.S. entity. The announcement was made by Governor Mark Gordon at the DC Blockchain Summit in Washington, DC.
The WYST will be fully backed by U.S. Treasuries, cash, and repurchase agreements, maintaining a minimum capitalization of 102%. This approach is aimed at legitimizing and promoting the adoption of cryptocurrency.
The state of Wyoming is currently considering whether to host this digital currency initiative on the Solana, Ethereum, or Polygon blockchains. This decision is yet to be made, and it will have a significant impact on the operation and functionality of the WYST.
The introduction of a state-backed cryptocurrency is a significant milestone in the adoption and acceptance of digital currencies in the U.S. With Wyoming leading the way, it could potentially set a precedent for other states to follow in the future.
The launch of WYST is part of a broader trend towards the integration of blockchain technology and digital currencies into mainstream finance. As the first state-backed stablecoin, WYST will be closely watched by both the crypto community and financial regulators.
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