Wyoming Stable Token (WYST) Launches with Inca Digital as Security Partner

To ensure WYST’s safety and integrity, the Wyoming Stable Token Commission has partnered with Inca Digital. They will provide real-time surveillance and analytics

The Wyoming Stable Token Commission has partnered with Inca Digital to provide real-time surveillance and analytics for WYST, the state’s stable token. This partnership aims to detect and mitigate risks such as money laundering and fraud.

“We are pleased to partner with Inca Digital to further enhance the safety and integrity of WYST,” said Anthony Apollo, Executive Director of the Wyoming Stable Token Commission. “Leveraging Inca’s industry-leading intelligence tools strengthens our commitment to transparency, security, and innovation in this rapidly evolving digital asset landscape.”

Earlier this year, the commission announced its partnership with Paxos to serve as the issuer of the stablecoin. The token is being built on several testnets and is expected to launch in the summer of 2025.

The legislation authorizing the creation of the stable token was passed in March and dictates that every token must be fully backed by U.S. Treasurys, cash, and repurchase agreements. It is also designed to be used for seamless, low-cost transactions around the world.

In addition, the legislation created a five-member commission to oversee the administration and issuance of the stable token. The commission is appointed by the governor and confirmed by the state senate.

Also known as a fiat-backed cryptocurrency, a stablecoin is a type of cryptocurrency that is designed to be highly volatile. In March, the House Financial Services Committee advanced a bill that would grant the SEC chair the power to remove the agency’s commissioner from office.