Wyoming Tests Its Own Stablecoin Across 7 Blockchains

Wyoming officials confirmed Wednesday that the state is testing its own stablecoin across seven blockchains. This move comes as the US government nears passing laws

Wyoming officials have confirmed that the state is testing its own stablecoin across seven blockchains. This move follows closely the US government's progress in passing laws to set up a legal framework for stablecoins.

As part of its initiative, Wyoming has published testnet addresses for seven blockchains: Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon, and Base. While the stablecoin is envisioned to be multichain, its initial launch will focus on a single network. Additionally, the state is teaming up with LayerZero, the team behind Stargate, to manage the stablecoin's distribution.

This effort from Wyoming is noteworthy as it stems from a domestic government, in contrast to a private company, and it's no secret that the state is a beacon of crypto friendliness.

However, Charles Hoskinson, the founder of the Cardano (ADA) blockchain and, amusingly, a Wyoming resident himself, took to X to criticize the process because Cardano was "unfairly excluded" from participating in this testing phase.

However, Hoskinson's comments also highlight some of the friction within the industry as various groups aim to secure their place in the expanding stablecoin market.

Tether and the Stablecoin Multiverse

Speaking of high stakes, Tether (USDT) has joined forces with four major auditing firms to undertake an audit of the infamous USDT reserves.

In other news, Paolo Ardoino, CEO of Tether, shared via X that the crypto industry has entered a "stablecoin multiverse" era.

Both private companies and governments are launching stablecoin solutions to meet "rising global demand", according to Ardoino.

Furthermore, Ardoino mentioned that Tether now serves 400 million users worldwide, with the goal of reaching one billion users. He attributes this rapid expansion to a grassroots approach that sets it apart from traditional finance.input: The U.S. government is nearing the completion of setting up a legal framework for stablecoins, and one state, Wyoming, is taking the initiative to test its own stablecoin across seven blockchains.

As part of its effort, the state has published testnet addresses for seven blockchains: Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon, and Base.

While the stablecoin is planned to be multichain, it will initially launch on a single network. Additionally, the state is collaborating with LayerZero, the team behind Stargate, to manage the stablecoin's distribution.

This endeavor from Wyoming officials stands out as it originates from a domestic government known for its long-standing support of the crypto industry.

However, Charles Hoskinson, the founder of the Cardano (ADA) blockchain and, funnily enough, a Wyoming resident, took to X to criticize the process because Cardano was “unfairly excluded” from participating.

But his comments actually highlight some of the friction in the industry as various groups are vying to stake their claim in the expanding stablecoin market.

Tether and the Stablecoin Multiverse

Talking about high stakes, Tether (USDT) has teamed up with four big auditing companies to audit the infamous USDT reserves.

Similarly, Paolo Ardoino, CEO of Tether, said via X that the crypto industry has entered a “stablecoin multiverse” era, noting that both private companies and governments are launching stablecoin solutions to meet “rising global demand”.

Ardoino also claimed that Tether now serves 400 million users worldwide and expects this figure to reach one billion soon, crediting the rapid growth to a grassroots approach that differs from traditional finance, stating: “We started small with a handful of users but have steadily grown to serve hundreds of millions of people around the world. Our goal is to reach one billion users in the next few years.”output: The U.S. government is nearing the completion of setting up a legal framework for stablecoins, and one state, Wyoming, is taking the initiative to test its own stablecoin across seven blockchains.

This move comes as the US government nears passing laws that will establish a legal framework for stablecoins.

Wyoming has confirmed that it is testing its own stablecoin on seven blockchains: Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon, and Base.

While the stablecoin is planned to be multichain, it will initially launch on a single network.

Moreover, the state is collaborating with LayerZero, the team behind Stargate, to manage the stablecoin's distribution.

This effort from Wyoming officials stands out as it originates from a domestic government, in contrast to a private company, and it's no secret that the state is a beacon of crypto friendliness.

However, Charles Hoskinson, the founder of the Cardano (ADA) blockchain and, amusingly enough, a Wyoming resident himself, took to X to criticize the process because Cardano was “unfairly excluded” from participating in this testing phase.

However