News Scrap

Reportedly, the Solana crypto project was selected as the best choice for the development of Wyoming’s stablecoin project, along with other crypto projects.

The “Wyoming Stable Token Project” is an initiative by the state of Wyoming to create a stablecoin, just like USDT & USDC. With the help of this stablecoin, Wyoming state aims to push blockchain innovation and provide a secured, government-backed, highly regulated digital asset for payment services. As we know, Wyoming state is known for its crypto-friendly steps, so it is expected that Wyoming may bring itself among the top US states in terms of Blockchain technology adoption.

In the latest development, Wyoming stable token project officials chose multiple crypto projects for the development of Wyoming stable token. The list includes Solana, Avalanche, Sui, Steller, Ethereum, Polygon, Arbitrum, Base, & Optimism.

Solana is at the top of the list & many people said that there is a huge chance that they will select the Solana project team for their stablecoin development.

It is worth it to note that no transparency is seen in the selection of these crypto projects to the development support of stablecoin, so it will be interesting to see the objection by other crypto entrepreneurs. Also, no kind of demonstration was done by any of these crypto projects to get selected in the proposed stablecoin.

Already, Cardano founder Charles Hoskinson showed his disappointment with Wyoming officials for not giving any attention to Cardano in this regard.

Solana spot ETF applications

As of Nov 2024, a total of four Solana spot ETF applications are awaiting regulatory approval from the American securities regulatory body SEC. These applications were filed by the Cboe BZX Exchange on behalf of various issuers, including VanEck and 21Shares. Also, Bitwise Asset Management registered for a Solana Trust. Experts believe that Bitwise may file for Solana spot ETF application in the future.