Wyoming taps Inca Digital for security of state-issued stablecoin

The Wyoming Stable Token Commission has partnered with Inca Digital Federal LLC to enhance security and risk monitoring for its upcoming state-issued stablecoin. Scheduled for public launch in July 2025, the Wyoming Stable Token is currently being tested on multiple blockchain networks. WYST is designed to maintain a 1:1 peg with the U.S. dollar and will be backed by a combination of cash, U.S. Treasuries, and repurchase agreements. The token aims to provide a secure and cost-efficient alternative to traditional payment systems, allowing near-instant global transactions with lower fees. Last year, Wyoming opened applications for blockchain developers to build the stablecoin. The Wyoming Stable Token Commission issued Requests for Qualification to attract candidates for roles across token development, reserve management, and on-chain analysis. You might also like: Galaxy Digital posts $295m Q1 loss, plans Nasdaq listing on May 16 Inca Digital’s role Under the partnership , Inca Digital will supply the Commission with market intelligence, real-time analytics, and threat detection tools to help prevent fraud, money laundering, and other market risks. The collaboration reflects Wyoming’s broader goal to set a national standard for public-sector digital assets. We’re partnering with The Wyoming Stable Token Comission to support WYST, the first fully-reserved, fiat-backed stable token issued by a U.S. public entity. We’ll be working with @wyostable to ensure that WYST operates with the highest standards of transparency and security.… — Inca Digital (@inca_digital) May 12, 2025 “This partnership with Inca Digital marks a critical step in our commitment to transparency, security, and innovation,” said Anthony Apollo, Executive Director of the Commission. Founded under the Wyoming Stable Token Act in 2023, the Commission is the first U.S. public body to issue a fully-reserved stablecoin. Inca Digital CEO Adam Zarazinski called the state’s initiative “a standard-setting moment” for digital assets in the public sector. You might also like: Robinhood acquires WonderFi to drive Canadian expansion

Source: crypto.news