TechFlow reported on February 17, according to Cointelegraph, Anthony Apollo, Executive Director of the Wyoming Stablecoin Committee, said the state's stablecoin project is expected to enter testnet within the next six weeks and plans to officially launch in the next quarter.
The project has shortlisted Ava Labs (Avalanche) and Mysten Labs (Sui) as candidates, with interviews scheduled this week. Securitize, Franklin Advisors, and Northern Trust have been selected for reserve management, while three of the Big Four accounting firms are finalists for internal controls. Blockchain.com will be the first platform to list the stablecoin.
Apollo revealed that the stablecoin will maintain 102% over-collateralization, fully backed by U.S. Treasuries, cash, and repurchase agreements to prevent de-pegging risks. The committee is exploring mechanisms to provide native yield distribution to token holders. Additionally, the project plans to use zero-knowledge proof technology to ensure compliance and privacy, and may leverage a subnet or layer-2 network to enable permissioned access and transaction privacy protection.
