The Wyoming Stable Token Commission has partnered with analytics provider Inca Digital to help the Commission monitor and mitigate fraud risks and keep the Wyoming Stable Token (WYST) secure as it nears its launch date, it said in a statement on Monday.
Inca will deliver advanced analytics, cross-market oversight and help the Commission detect any threats that the WYST could face, the company said in a press release.
The WYST is set to be the first fully-reserved, fiat-backed stable token issued by a U.S. public entity. Wyoming Governor Mark Gordon said in March that the stable token’s testing phase will continue until the second quarter of 2025 and potentially launch by July.
Wyoming has made efforts in the past to be a crypto and blockchain hub by establishing friendly policies for the sector, setting the tone for the rest of the U.S. It has passed over 35 laws to regulate the crypto sector since 2018 and has attracted over 3,000 tech companies as a result.
“Our partnership with Inca Digital marks a critical step in our commitment to transparency, security, and innovation,” said Anthony Apollo, executive director of the Wyoming Stable Token Commission.
Like other stablecoins, the WYST is pegged to assets. Once launched, it will be a digital asset representative, redeemable for one U.S. dollar and fully backed by U.S. treasuries, cash and repurchase agreements.
The stablecoins market has been growing rapidly and today stands at being worth $245 billion according to CoinGecko data. Stablecoin legislation could boost that number tenfold to reach $2 trillion within three years, according to a Standard Chartered forecast.
Read more: Stablecoins to Go Mainstream in 2025 After U.S. Regulatory Progress: Deutsche Bank