Chairman of the Wyoming Stablecoin Committee: The stablecoin project in the state is expected to enter the testnet in the next six weeks and is planned to be officially launched in the next quarter.

According to Cointelegraph, on February 17, Anthony Apollo, Executive Director of the Wyoming Stablecoin Commission, stated that the stablecoin project in the state is expected to enter the testnet in the next six weeks and is planned to be officially launched in the next quarter, as reported by TechFlow on February 17.

The project has listed Ava Labs (Avalanche) and Mysten Labs (Sui) as candidates and will interview them this week. Securitize, Franklin Advisors, and Northern Trust are shortlisted for reserve management candidates, with three of the four major accounting firms shortlisted for internal control candidates. Blockchain.com will be the first platform to launch the stablecoin.

Apollo revealed that the stablecoin will maintain a 102% overcollateralization, fully backed by US Treasuries, cash, and repurchase agreements to prevent the risk of being unpegged. The committee is exploring providing a native revenue distribution mechanism for token holders. Additionally, the project plans to use zero-knowledge proof technology to ensure regulatory privacy and may use subnets or layer 2 networks to achieve permissioned access and transaction privacy protection.