Wyoming is planning to launch the WYST stablecoin this summer and has released a list of 11 final candidates. One of these blockchain firms will power this milestone achievement in state government crypto acceptance.
The top candidates are Aptos, Arbitrum, Avalanche, Base, Ethereum, Polygon, Optimism, Sei, Stellar, Solana, and Sui. So far, only Aptos and Sei have acknowledged their advancement.
Blockchains That Can Potentially Host the First Government Stablecoin
Wyoming has long been a national hub for crypto-friendly regulation, thanks in part to Senator Lummis, one of the industry’s biggest allies in Congress.
Three months ago, the state announced plans to launch a stablecoin, WYST, in August. Wyoming must make a final decision for a stablecoin partner by July 17 and has prepared a list of 11 final candidates:
The full report has not been released to the public, but a few sources described the scores.
Aptos tied with Solana to win 32 points on Wyoming’s assessment, and Sei came in an upset third place with 30 points. It outperformed major other contenders like Ethereum and Sui in doing so.
Sei is the only other firm to publicly acknowledge its win; Solana showed enthusiasm in the last round but hasn’t yet commented on today’s update.
Aptos, for its part, had a strange reaction to being one of Wyoming’s stablecoin finalists. Its APT token’s price has been hectic recently, but today’s major drop seems inexplicable. Indeed, it might be totally unrelated.
After Wyoming makes its choice, the favored blockchain firm will help power its WYST stablecoin. Regardless of which firm becomes a partner, Wyoming will employ LayerZero, an interoperability protocol, to ensure maximum utility.
WYST will be backed by the US dollar, and impending stablecoin regulation might help realize these plans.
Still, not everyone is pleased with Wyoming’s stablecoin assessment. Prominent community analysts identified inconsistencies in the state’s methodology, disputing its ultimate conclusions.
Users alleged that scores for finality, low transaction costs, and smart contract support were not consistent from chain to chain.
Nonetheless, this development is still very exciting. Wyoming could become the first state in the US to launch a stablecoin.
If WYST goes into circulation as planned, it could become a major breakthrough for government acceptance of crypto.
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