The US state of Wyoming has identified nine candidate -block chains to host his upcoming Stablecoin, called Wyst. The state has selected Layerzero, an Omnichain interoperability protocol, as the best supplier for smart contract development.
Wyoming Eyes Multiple block chains for the upcoming Stabilecoin launch
The US state of Wyoming has identified nine candidate block chains as potential hosts for his soon launched Stablecoin. According to Anthony Apollo, executive director of the Wyoming Stable Token Commission, Layerzero, an Omnichain interoperability protocol, emerged as the best-ranking supplier for smart contract development during a purchasing process. With this selection of Layerzero, Apollo said, Wyoming enables at the same time to start in several chains.
In written answers to questions from Bitcoin.com News, Apollo revealed that Wyoming’s approach to launch the Stablecoin includes on multiple chains before it selects for the first launch. He added that the state had changed purchasing rules to ensure that it could test the Stablecoin on other chains.
“During our monthly meeting in December we included rolling qualifications in our purchasing rules. This allows us to re -assess new block chains whether those who initially qualified again evaluate the road for possible future expansion of stable token on extra chains,” Apollo explained.
Wyst requires 102% reserves for outstanding tokens
As previously reported by Bitcoin.com News, Wyoming initially announced plans to launch a dollar-dependent Stablecoin in the first quarter of 2025 in August last year. However, Apollo suggested that the launch can only continue as contract negotiations with suppliers who are underway. He said that as soon as all processes, including the launch of a test sample on at least one test network and test -functionality, are done, the Wyst can be launched somewhere in July 2025.
Although proponents of the initiative claim that the launch of Wyst will probably strengthen the status of Wyoming as a ‘leader in digital assets’, critics claim that the stablecoin can be used for illegal purposes if guarantees are not present. In order to tackle this possibility and worries about consumer protection, Apollo said that Wyoming will rely on compliance frameworks with licensed service providers to reduce the risk of using WYST for illegal purposes. He added:
“Furthermore, two of our [Requests for Proposal] RFP’s’on-chain monitoring ‘and’ ecosystem intelligence ‘to help to help the committee check the use (and referred to use) of Wyst. The qualified suppliers who reached the top ranks in these sectors were chainalysis and Inca Digital respectively. “
Apollo also explained that although Wyoming will have the right to freeze wyst tokens and to grasp that are used for illegal purposes, this can only be done after obtaining a formal judicial order.
Regarding the mechanism and reserves to be used to support the Stablecoin, Apollo said that Wyst has a “legal requirement to reserve at least 102% of the notional value of outstanding tokens.” This is intended to mitigate against Depten. Apollo also revealed that Wyst “will be fully supported by American dollars, short-term duration of the American Treasury Securities and return agreements thereof.”
