Wyoming's stable token committee has partnered with Analytics Provider Inca Digital to help the committee monitor and mitigate the risk of fraud and keep Wyoming stable tokens (WYST) safe nearing the launch date, said in a statement Monday.
Inka will provide advanced analysis, cross-market surveillance and help the committee detect threats that WYST may face, the company said in a press release.
WYST is set to be the first fully repaid and stable token issued by a US public company and backed by Fiat. Wyoming Gov. Mark Gordon said in March that the stable token testing phase will last until the second quarter of 2025 and could be released by July.
Wyoming has worked to become a hub for crypto and blockchain in the past by establishing friendly policies for the sector. It has set the tone for the rest of the US and has passed more than 35 laws since 2018 to regulate the crypto sector, attracting more than 3,000 tech companies as a result.
“The partnership with INCA Digital marks a key step in our commitment to transparency, security and innovation,” said Anthony Apollo, executive director of Wyoming's Stable Token Commission.
Like other Stablecoins, WYST is fixed to assets. Once launched, you become a representative of digital assets, redeemed for USD 1, and fully support the US Treasury Department, cash and repurchase agreements.
According to Coingecko data, the Stablecoins market is growing rapidly, and is now worth $245 billion. According to standard chartered forecasts, Stablecoin laws can increase that number to reach $2 trillion in three years.
Read more: Stablecoins to become mainstream in 2025 after US regulatory progress: Deutsche Bank
