Wyoming Selects Aptos and Solana for WYST Stablecoin

TLDR

• Aptos and Solana were selected from 11 blockchain candidates.
• LayerZero will enable multi-chain deployment for WYST stablecoin.
• Selection aligns with state-backed digital currency initiatives.

Wyoming’s Stable Token Commission has announced Aptos and Solana as the finalists to back its WYST stablecoin. The choice was made from an initial list of 11 blockchain candidates. One contender was removed due to compliance concerns. This announcement was made on June 20, with Aptos confirming its status on their Twitter account.

The two blockchains, Aptos and Solana, will provide the necessary infrastructure for the issuance and operations of the WYST stablecoin. The Commission acknowledges the technical maturity and vendor support of both platforms. This selection aligns with the ongoing initiatives for a state-backed digital currency.

Details on Selection Process and Finalists

The selection process began in April, involving a comprehensive evaluation of 11 blockchains. Aptos and Solana emerged as the top choices due to their processing capabilities. Aptos, developed by engineers from the Diem project at Meta, is renowned for its high throughput and sub-second finality. Solana is notable for its swift transaction processes and is widely used in DeFi, NFT, and payment applications.

LayerZero has been selected as the interoperability protocol to facilitate multi-chain deployment for the WYST stablecoin, enabling it to operate seamlessly across different blockchain networks. This will likely enhance access and utility.

Implications for Blockchain and Cryptocurrency Markets

The direct assets impacted by this development are SOL (Solana) and APT (Aptos). Their utility, developer inflows, and on-chain liquidity could see significant influence. Additionally, LayerZero and its partner protocols may experience increased transaction volumes and total value locked (TVL) due to the multi-chain nature of the WYST deployment.

No specific grant details have been disclosed, but the state-backed nature and technical scope suggest considerable institutional involvement. Related stablecoins like USDC and USDT on these networks may face competition, and other Layer 1 blockchains considered, such as Avalanche or Arbitrum, may see differing dynamics.

Industry Comparisons and Expected Developments

This initiative is comparable to PayPal’s PYUSD and other regulated stablecoins tested by various governmental bodies. Historically, government-backed stablecoins have spurred increased developer activity, trading volumes, and institutional acceptance on selected protocols.

“Aptos and Solana have demonstrated their capacity to support large-scale DeFi ecosystems, making them ideal choices for the WYST stablecoin initiative,” according to documentation published by the Stable Token Commission. As of the latest update, no substantial impact on major assets like ETH and BTC has been identified.

The Commission has published candidate and process documentation directly on its Notion portal.

Stable Token Commission

Community and Developer Reactions

Speculative interest in affected assets has been noted, with projects like SEI experiencing temporary price surges. Discussions within the developer community highlight the integration of real-world assets, cross-chain interoperability via LayerZero, and potential composability with major DeFi protocols.

For ongoing updates on this development and other blockchain advancements, follow Aptos’s updates on Twitter.