Wyoming is planning to launch the WYST stablecoin this summer and has announced a list of 11 final candidates. One of these blockchain companies will play a crucial role in the state's cryptocurrency adoption.
The top candidates include Aptos, Arbitrum, Avalanche, Base, Ethereum, Polygon, Optimism, Sei, Stellar, Solana, and Sui. So far, only Aptos and Sei have confirmed their progress.
Blockchain platforms with potential to store the first government stablecoin
Wyoming has long been a national center for crypto-friendly regulations, partly thanks to Senator Lummis, one of the industry's largest allies in Congress.
Three months ago, the state announced plans to launch the stablecoin, WYST, in August. Wyoming must make a final decision on the stablecoin partner before July 17 and has prepared a list of 11 final candidates:
The full report has not been published to the public, but a few sources have described the scores.
Aptos scored equally with Solana at 32 points in Wyoming's evaluation, and Sei ranked third with 30 points. It surpassed other major competitors like Ethereum and Sui.
Sei is the only other company to publicly acknowledge its victory; Solana has been enthusiastic in the final round but has not commented on today's update.
Aptos, for its part, had a strange reaction to being one of Wyoming's stablecoin candidates. The price of the APT token has been volatile recently, but today's significant drop seems inexplicable. In fact, it may be completely unrelated.
Aptos Price Performance. Source: CoinGeckoAfter Wyoming makes its selection, the chosen blockchain company will help operate the WYST stablecoin. Whichever company becomes the partner, Wyoming will use LayerZero, an interoperability protocol, to ensure maximum utility.
WYST will be backed by US dollars, and the upcoming stablecoin regulations could help realize these plans.
However, not everyone is satisfied with Wyoming's stablecoin evaluation. Prominent community analysts have pointed out inconsistencies in the state's methodology, arguing about its final conclusion.
Users accuse that the scoring for finality, low transaction costs, and smart contract support is inconsistent across chains.
Nevertheless, this development remains very interesting. Wyoming could become the first state in the US to launch a stablecoin.
If WYST is circulated as planned, it could be a major breakthrough for government cryptocurrency adoption.
