The American state of Wyoming is now going to use blockchain technology-powered stablecoin for efficient payment & other needs.
Wyoming is a western U.S. state known for its wide open spaces, national parks like Yellowstone, and small population. The capital of this state is Cheyenne. Cynthia Lummis is a well-known US Senator from this US state. Lummis is a strong Bitcoin & Crypto advocate.
On 27 May 2024, an Official announcement from Wyoming state came to the public domain regarding the latest development around the “Wyoming Stable Coin” or say WYST coin.
This American state launched its official website for this new US dollar-pegged stablecoin. The Wyoming Stable Token Commission (STC) was established in March 2023, following the passage of Senate Enrolled Act 85.
This year, the Stable Token Act was passed during the Budget Session as Senate Enrolled Act 44, which allows this state to issue US dollar-pegged stablecoin.
It is expected that circulation of this stablecoin will start before the end of this year. As per reports, the STC body will launch this stablecoin on the Ethereum blockchain network, so there are huge chances that people will be able to use it across the Defi crypto exchanges & also on the centralised crypto exchanges.
Such types of initiatives are showing that crypto & blockchain adoption surging rapidly among the top American government agencies and this is a big proof that the crypto sector will stay here forever.
It is worth it to note that the United States Securities and Exchange Commission (SEC) recently approved Ethereum spot ETF applications, while the regulatory approval for the official trading of the approved products is pending.
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Read also: Argentina is in talks with El Salvador over Bitcoin adoption strategy
