Wyoming is the first US state to introduce a stable coin supported by Fiat: Wyst is intended to develop new economic potential and support agriculture

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Wyoming startet als erster Bundesstaat der USA einen stabilen Krypto-Token Wyoming hat angekündigt, bis Juli 2023 eine eigene Kryptowährung zu lancieren. Damit wird der Bundesstaat der erste in den USA, der einen fiat-gestützten, vollständig reservierten Stablecoin herausgibt. Die Münze, die den Namen WYST tragen wird, ist durch Bargeld, US-Staatsanleihen und Rückkaufvereinbarungen gedeckt und verpflichtet sich, mindestens 102% in Reserven aufrechtzuerhalten. Diese Informationen wurden während des DC Blockchain Gipfels bekannt gegeben. WYST als potenzielle Einnahmequelle für Wyoming Gouverneur Mark Gordon äußerte sich zur langsamen Entwicklung von Stablecoins durch Banken und betonte: "Ich glaube nicht, dass es Banken gibt, die wirklich eifrig …
Wyoming is the first state of the United States to start a stable crypto token Wyoming to launch its own cryptocurrency by July 2023. This makes the state the first in the USA to publish a fiat-based, fully reserved stable coin. The coin that will bear the name Wyst is covered by cash, US state bonds and buyback agreements and undertakes to maintain at least 102% in reserves. This information was announced during the DC Blockchain summit. Wyst as a potential source of income for Wyoming Governor Mark Gordon commented on the slow development of stable coins by banks and emphasized: "I don't think there are banks that are really eager ... (Symbolbild/KNAT)

Wyoming is the first state of the United States to start a stable crypto token

Wyoming has announced that it will launch its own cryptocurrency by July 2023. This makes the state the first in the USA to publish a fiat-based, fully reserved stable coin. The coin that will bear the name Wyst is covered by cash, US state bonds and buyback agreements and undertakes to maintain at least 102% in reserves. This information was announced during the DC Blockchain summit.

Wyst as a potential source of income for Wyoming

governor Mark Gordon commented on the slow development of stable coins through banks and emphasized: "I don't think there are banks that were really eager." He remembered a previous conversation with JPMorgan CEO Jamie Dimon, in which he praised Wyoming's advantages as a location for such innovations. The aim of the Wyst coin is to procure new income to the state. Wyoming plans to use the interest generated by the reserves to finance education and infrastructure. Gordon also sees potential for agriculture: "It can also be a tool with which farmers and cattle breeders can develop new markets."

Structure and market potential of Wyst

Wyst is to be bound to the US dollar and is designed in such a way that, like other stable coins, it keeps a value of $ 1: 1. The focus on stable coins also grows in companies such as Visa, PayPal and Stripe that develop projects in this area or build their own stable coins. Other states such as Texas and Utah have also discussed similar suggestions, but Wyoming has moved faster.

Wyoming has spent almost a decade to prepare for this moment and have been passing over 45 cryptor -relevant laws since 2016 in order to rely less on fossil fuels. So far, more than 1,000 LLCs contained names with "Crypto", "Blockchain" or "Dao" are registered in the state.

challenges and concerns

The results of the efforts in Wyoming are mixed. In 2023, the state invested $ 2 million in cryptor-relevant projects, but received only $ 473,000. In addition, the legislators recently rejected a proposal to create state crypto reserves, with critics referring to the high volatility and unstable value of cryptocurrencies. Senator Cynthia Lummis brought the idea of ​​a national Bitcoin stock, but met with resistance.

technological considerations

Anthony Apollo, who heads the Wyoming Stable Tokens Commission, explained that the state is currently examining nine blockchains that Wyst could support, including Solana, Ethereum and Polygon. A decision about it is still pending. While Wyoming moves towards stable coins, other states such as Montana, North Dakota and South Dakota voted against the creation of crypto reserves.

Jennifer Schulp from the Cato Institute noted that hesitation was not surprising in view of the volatility of cryptocurrencies. So far, suggestions for crypto reserves have appeared in 24 states, but many of these initiatives have stalled.

developments in other states

parallel to Wyoming's advance also experiment with crypto reserves. Ohio has introduced drives to create state Bitcoin reserves, while Oklahoma takes steps in a similar direction. However, it remains to be seen whether these plans will be implemented, since there are still discussions within the legislators about the use of public funds for the purchase of cryptocurrencies.

The future development of cryptocurrencies in the USA remains exciting and it is uncertain how Federal and Prospect States will deal with the progressive digitization of currencies. However, Wyoming shows that it is pursuing a proactive approach and creates innovative structures to open up new financial opportunities.