Chairman of the Wyoming Stablecoin Committee: The state's stablecoin project is expected to enter the testnet within the next six weeks

ChainCatcher news, according to Cointelegraph, Wyoming Stablecoin Committee Executive Director Anthony Apollo stated that the state's stablecoin project is expected to enter the 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) for interviews this week. Securitize, Franklin Advisors, and Northern Trust have been shortlisted for reserve management candidates, while three of the Big Four accounting firms are in the running for internal controls candidates. Blockchain.com will be the first platform to launch the stablecoin.

Apollo revealed that the stablecoin will maintain a 102% over-collateralization, fully backed by U.S. Treasury securities, cash, and repurchase agreements to prevent de-pegging risks. The committee is exploring a native yield distribution mechanism for token holders. Additionally, the project plans to use zero-knowledge proof technology to ensure compliance and privacy, and may utilize subnets or layer two networks to achieve permissioned access and transaction privacy protection.