A Cryptocurrency-Friendly State in the US Will Launch Its Own Coin: Launch Date Announced! - Coin Bulletin

The crypto-friendly state of Wyoming in the USA has announced plans to issue its own "stable token".

Wyoming Governor Mark Gordon stated during the Washington DC Blockchain Summit last Wednesday that "Wyoming has the right ecosystem for development", emphasizing that the state is "fully accessible" and can act swiftly.

The Wyoming Stable Token Commission, established in March 2023, has approved the issuance of "Wyoming Stable Tokens" (WYST). According to the announcement made by the Commission last week, tests on the token will begin in the coming weeks, and the launch date has been set for July.

The token will be redeemable for 1 dollar held in a state trust fund and can be exchanged for the term stablecoin. Additionally, the funds obtained from the token will be invested in cash and U.S. Treasury bonds only.

Wyoming is known as a state that has enacted many laws regarding cryptocurrencies over the years. Last year, a law was passed that granted legal status to decentralized autonomous organizations (DAO). Another law allowed insurance companies to invest in Bitcoin and other cryptocurrencies.

Governor Gordon stated, "Wyoming is a place where people come to innovate", arguing that the state is not fond of regulations and that innovation should always outpace regulation at every opportunity. However, he added that they also strive to establish a transparent and proper regulatory framework.