Wyoming announces partnership with Inca Digital ahead of stablecoin issuance | CoinDesk JAPAN

• The Wyoming Stable Token Commission announced that it has partnered with the analytic provider Inca Digital to receive support in monitoring and mitigating fraud risks.
• "The partnership with Inca Digital is an important step in our commitment to transparency, security, and innovation," said Anthony Apollo, Executive Director of the Wyoming Stable Token Committee.

The Stable Token Commission of Wyoming, USA announced on May 12 that it has partnered with analysis provider Inca Digital to receive support for monitoring and mitigating fraud risks for the issuance of the Wyoming Stable Token (WYST), ensuring the security of the token.

Inca provides advanced analytical capabilities and cross-market monitoring, assisting in detecting potential threats that WYST may face, the company stated in a press release.

WYST is expected to be the first fully collateralized fiat currency-linked stablecoin issued by a local government in the United States. Wyoming Governor Mark Gordon stated in March that the testing phase for the stablecoin could continue until the second quarter of 2025, with a possibility of launching by July.

Wyoming has previously formulated industry-friendly policies to become a hub for cryptocurrency and blockchain, taking the lead over other parts of the United States in this direction. Since 2018, it has passed over 35 laws regulating the cryptocurrency industry, resulting in the successful attraction of more than 3,000 technology companies.

"The partnership with Inca Digital is a significant step in our commitment to transparency, security, and innovation," said Anthony Apollo, Executive Director of the Wyoming Stable Token Commission.

Like other stablecoins, WYST is pegged to assets. After the launch, it will be exchangeable for 1 US dollar and will be a fully backed cryptocurrency by US Treasuries, cash, and repo transactions.

The stablecoin market is growing rapidly, and according to data from CoinGecko, the current market size has reached $24.5 billion (approximately ¥3.5525 trillion, based on an exchange rate of ¥145 to $1). According to predictions from Standard Chartered, if regulations concerning stablecoins are established, this figure could increase tenfold to $2 trillion (approximately ¥290 trillion) within three years.