Wyoming considers AVAX and SUI for state-backed stablecoin

The Wyoming Stable Token Commission is progressing toward launching a fully backed state-issued stablecoin, with Avalanche (AVAX) and Sui (SUI) among the top candidates for its blockchain infrastructure. According to Cointeleraph, Executive Director Anthony Apollo emphasized that blockchain integration could improve financial transparency within Wyoming’s treasury operations. The stable token, expected to be 102% collateralized by U.S. Treasurys, cash and repurchase agreements, is set to hit testnet within six weeks and launch by the end of Q2 2025. Multiple vendors are being considered for token development, distribution and reserve management, with the final selection process concluding by the end of February.