The U.S. "state" stablecoin WYST is here! Wyoming Governor Gordon: Issuance in July, earning returns through U.S. Treasury bonds.

Mark Gordon, the Governor of Wyoming, announced at the Washington Blockchain Summit on March 27 that the state government plans to issue the stablecoin "WYST" in July of this year, becoming the first stablecoin launched by a state government, based on the US dollar and backed by US Treasury bonds as reserves.

The goal is to launch in July, and WYST will become the first officially issued stablecoin in the United States.

Gordon stated that WYST will be based in US dollars and will prepare an additional 2% reserve to ensure asset security, which will be backed by the following assets at over 100% reserve guarantee:

美國國債 (U.S. Treasuries)

cash

Repo Agreements (

The state government earns interest by relying on reserve assets, focusing on education and infrastructure.

Unlike general operators who earn transaction fees from the issuance of stablecoins, Wyoming plans to use the interest from reserve assets as a source of revenue. This income will be used in the future for:

Education expenditure

Infrastructure

Support the development of local agricultural and pastoral markets

Wyoming has always relied on traditional energy industries such as coal and oil as sources of local revenue. The issuance of stablecoins can allow the state to expand additional economic sources.

Solana, Ethereum, and Polygon are all on the candidate list.

The Wyoming officials are currently assessing which Blockchain to issue WYST on, the list includes:

Solana

Ethereum )Ethereum(

Polygon

The governor once invited the CEO of JPMorgan Chase to participate in the development of the local cryptocurrency industry.

Governor Gordon also revealed that he had previously discussed stablecoins with JP Morgan CEO Jamie Dimon, telling him, "If you really want to issue a stablecoin, you should come to Wyoming, where there is a complete regulatory framework."

Wyoming is actively legislating for the cryptocurrency industry, but the returns are limited.

Wyoming has been actively building a "cryptocurrency-friendly" image, passing 45 cryptocurrency-related laws since 2016, and attracting over 1,000 cryptocurrency businesses to register.

However, the actual results have fallen short. In 2023, Wyoming invested 2 million dollars into various crypto projects, but only about 47.3 dollars were actually recovered. Earlier this year, the state legislature even rejected a proposal to establish a state-level crypto reserve fund, citing "too much risk."

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