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🪙❓How Did Wyoming’s Stablecoin Come to Be? 🤠 Wyoming lawmakers introduced the “Wyoming Stablecoin Act” in February 2022 to create a state-issued stablecoin pegged to the value of the U.S. dollar and redeemable for fiat currency. 📜 The bill was signed into law in March 2023, allowing the state Treasury to assemble a team of professional accountants, auditors, and technical experts to issue and manage the stablecoin’s supply. 👥 Following the passage of the Stablecoin Act, the state began recruiting staff for its Stablecoin Commission to research and develop the stablecoin. 🤵🏼 In August 2024, Governor Gordon told an audience at the Wyoming Blockchain Symposium that the state was eyeing the first quarter of 2025 as the launch window for the stablecoin, which would be backed by short-term U.S. Treasury bills and repurchase agreements. 📯 Wyoming continues to solidify its position as a progressive state in cryptocurrency regulation. The launch of a state-owned stablecoin will be a significant step in integrating digital assets into the state’s financial system and could set a precedent for other regions. #WYSTStablecoin
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🪙Hyperliquid at risk of liquidation due to whale manipulation of memcoin JELLYJELLY. ❎ Decentralized crypto derivatives exchange Hyperliquid is facing the threat of closure due to manipulation of the Solana-based memcoin JELLYJELLY by a whale. A trader opened a short position with 20x leverage on about 400 million JELLYJELLY, which was 40% of the total supply of the token. He later liquidated his position by opening a large long, which led to an artificial increase in the asset price. #JELLYJELLYFuturesAlert
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