The US in Wyoming is identifying nine candidate blockchains and hosting upcoming Stablecoin, known as WYST. The state has chosen OmniChine’s interoperability protocol Layerzero as its top-ranked vendor for smart contract development.
Wyoming sees multiple blockchains for the upcoming Stablecoin launch
The US in Wyoming has identified nine candidate blockchains as potential hosts for the upcoming stubcoin. According to Anthony Apollo, executive director of Wyoming’s stable token committee, Omnichan’s interoperability protocol, Layer Zero, emerged as the top-ranked vendor of smart contract development during the procurement process. According to Apollo, Layerzero’s choice will allow Wyoming to launch multiple chains at the same time.
In a written response to a question from Bitcoin.com News, Apollo revealed that Wyoming’s approach to launching Stablecoin involves testing on multiple chains before selecting a selection for the first launch. He added that the procurement rules have been amended so that the state can test the stupidity of other chains.
“At our monthly meeting in December, we incorporated rolling qualifications into our procurement rules, which allow us to reevaluate new blockchains and reevaluate those who initially did not qualify, paving the way for an additional chain of potential future expansions of stable tokens,” Apollo explained.
WYST requires 102% reserves for outstanding tokens
As previously reported by Bitcoin.com News, Wyoming originally announced plans to launch a dollar-dependent Stablecoin in the first quarter of 2025 last August. However, Apollo suggested that releases could only proceed after ongoing contract negotiations with vendors are completed. He said all the processes will be undertaken, including launching a test token on at least one testnet and testing the token functionality, and WYST could be launched in July 2025.
Supporters of the initiative argue that the launch of WYST is likely to solidify Wyoming’s position as a “leader of digital assets,” but critics argue that statistics can be used for illegal purposes if safety measures are not in place. To address this possibility and consumer protection concerns, Apollo said Wyoming will rely on the compliance framework introduced in licensed service providers to mitigate the risk of using WYST for illegal purposes. He added:
Additionally, two “request for proposals” RFPs (‘on-chain monitoring’ and ‘ecosystem intelligence’) were submitted to support the use (and intended use) of WYST’s monitor monitors. The qualified vendors who achieved top ranks in these sectors were Chain Melt and INCA Digital, respectively.”
Apollo also explained that Wyoming has the right to freeze and seize wister tokens used for illegal purposes, but this can only be done after obtaining a formal court order.
Regarding the mechanisms and reserves used to support Stablecoin, Apollo said WYST “has a statutory requirement to reserve at least 102% of the expected token.” This is intended to mitigate escape. Apollo also revealed that WYST is “fully supported by the US dollar, short-term US Treasury securities and its repurchase agreement.”
