Wyoming is preparing to make history in digital finance with the launch of the first state-backed stablecoin fully guaranteed by fiat reserves.

Wyoming is preparing to make history in digital finance with the launch of the first state-backed stablecoin fully guaranteed by fiat reserves.

The new digital asset, named Wyoming Stable Token (WYST), will be issued directly by the Wyoming Stable Token Commission, the body created to manage and oversee this initiative. The official debut of the token is scheduled for July, and it represents a decisive step towards the integration of blockchain technologies into the public financial system.

Inca Digital: the partner chosen by Wyoming for the state stablecoin WYST

To ensure maximum security, transparency, and reliability, the Commission has announced a strategic partnership with Inca Digital, a company specialized in digital market analysis and surveillance. Founded in 2019, Inca will provide advanced tools for real-time risk management, helping to monitor and mitigate potential threats such as fraud, money laundering, and market anomalies.

According to what was stated by the Commission, this collaboration will strengthen the State’s ability to ensure the integrity of the project and to offer a safe and reliable digital asset for local and international users.

“Our partnership with Inca Digital represents a fundamental step in our commitment towards transparency, security, and innovation. Thanks to Inca’s intelligence tools, we keep the promise of offering a trusted digital asset for Wyoming and beyond.”, stated Anthony Apollo, Executive Director of the Wyoming Stable Token Commission.

What is the Wyoming Stable Token (WYST)

The WYST will be a fully reserved stablecoin, meaning it is 100% backed by traditional assets such as U.S. Treasury securities, cash, and repurchase agreements. This means that each token will be supported by real value, offering users greater stability compared to other digital assets.

The project originates from the Wyoming Stable Token Act, approved in March 2023, which provided the legal basis for the issuance of the stablecoin. The stated goal is to promote financial transparency and stimulate the economic growth of the State, consolidating Wyoming’s position as a national leader in the digital asset sector.

Testing and public launch: what to expect

Currently, the WYST is in the testing phase on various blockchain testnets, a crucial step to verify the functionality and security of the system before the public launch. The goal is to make the token available to the general public in the summer of 2024, with the promise of offering almost instantaneous dollar transactions and significantly lower fees compared to traditional financial systems.

This feature could make the WYST a competitive alternative for international payments, remittances, and other financial applications, both for individuals and businesses.

With the launch of the WYST, Wyoming will become the first American state to directly issue a stablecoin. An achievement that confirms the state’s reputation as a “sandbox” for digital innovation, thanks to a series of favorable laws that have attracted crypto companies and decentralized autonomous organizations (DAO) to the territory.

The project is part of a broader context of experimentation and openness towards emerging technologies, with the aim of transforming Wyoming into a hub for digital finance in the United States.

Strategic objectives: transparency, innovation, and economic growth

According to the Commission, the Wyoming Stable Token is not just a technological experiment, but a strategic project for the economic future of the State. The introduction of a public stablecoin aims to:

In this context, the collaboration with Inca Digital takes on a key role, providing the necessary tools to monitor in real time the performance of the token and prevent potential systemic risks.

The launch of WYST represents an important precedent for other American states and governments around the world that are considering the adoption of public digital currencies. If the project is successful, it could pave the way for a new generation of stablecoins issued by public entities, capable of combining security, stability, and innovation.

Wyoming, with its pioneering vision and the support of technological partners like Inca Digital, is positioning itself to become a benchmark for the public finance of the future.