Newton Gitonga
The US state of Wyoming has made a bold move that reflects the increasing blockchain adoption by governments.
It has officially selected Aptos and Solana as the main platforms for its Wyoming Stable Token (WYST).
The U.S. Wyoming Stablecoin Committee announced that Aptos and Solana have become the preferred blockchain platforms for the WYST project. WYST is a stablecoin issued by the US state government and backed by fiat currency. It plans to achieve multi-chain deployment through
The news comes as the stablecoin industry sees massive growth, topping $250 billion in market cap.
Meanwhile, Wyoming has established itself as a pro-crypto jurisdiction.
Its move to launch a US dollar-backed stablecoin underscores its commitment to spearheading the blockchain revolution.
Wyoming started testing its WYST stablecoin in March and collaborated with the cross-chain network LayerZero to expand its reach.
While it tested various blockchains, the State has settled with Solana and Aptos.
Solana’s high throughput and Aptos’ Move programming language indicate that Wyoming has prioritized scalability, developer support, and speed.
What is Wyoming Stable Token?
WST is an authorized dollar-collateralized stablecoin issued by the Wyoming authority.
It is different from privately issued or algorithmic stablecoins.
The Wyoming government backed WYST with cash reserves to ensure stability for the better of businesses and residents in the state.
WYST will facilitate cheaper and faster payments to improve Wyoming’s economy.
Also, the stablecoin introduces a transparent, compliant model for regulated digital assets.
WYST’s launch on high-performance blockchain platforms showcases the state’s objective to offer secure and user-centric access for citizens, retailers, and institutions.
Selecting Aptos and Solana isn’t a random decision.
The duo boasts specific technical benefits that match Wyoming’s goals with its stablecoin.
Solana has dominated the crypto space due to its lower transaction fees and top-notch speed.
It has attracted developers looking to build high-performance NFT platforms and DeFi applications.
On the other hand, Aptos utilized the Move programming language and its massive modular architecture.
Aptos’ model makes it a lucrative option for government initiatives needing performance, security, and scalability.
LayerZero to enhance interoperability
The growing blockchain sector has confirmed how connectedness projects are.
Users constantly move assets from different platforms.
However, compatibility has been among the top challenges.
To solve that, Wyoming will leverage the cross-chain messaging platform, LayerZero.
This “blockchain of blockchains” platform will ensure smooth communications between Solana, Aptos, and possibly other blockchains in the coming times.
LayerZero facilitates secure omnichain messaging, allowing users to transfer WYST between networks without centralized bridges.
That will improve user experience and reduce operational bottlenecks and hacking risks.
APT and SOL prices
The altcoin mirrored broad market sentiments with sluggish movements in the past 24 hours.
Aptos trades at $4.30 after losing 1.60% the previous day.
It has failed to keep pace despite major ecosystem developments as broad-based bearishness weighed in.
Also, Solana lost 1.20% on its daily chart to trade at $141.85.
The declining trading volume signals waning investor activity in SOL.
Nevertheless, Aptos and Solana’s prevailing price outlooks reflect the broad crypto weakness.
Bitcoin is losing ground at $105K as it trades at $ 103.5 K.
Bitcoin needs a 4-hour candle close above $106.1K to shift its short-term outlook to bullish.
That would support substantial gains in altcoins, including Aptos and Solana.
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