Wyoming state is making steps towards launching a stablecoin later this year, which could be the first fiat-backed and fully reserved token issued by a public entity in the U.S., state officials said at the DC Blockchain Summit on Wednesday. The …

Legislators convened a panel to discuss what stablecoin and market structure bills need to address.

The United States Congress said that it would push to pass legislation on stablecoins in the first 100 days of the Trump administration.

“It shouldn’t be a free pass, right?” Jeremy Allaire, a co-founder of stablecoin issuer Circle said.

The YLDS stablecoin, backed by prime money market funds, offers daily interest and 24/7 peer-to-peer transfers.

Institutional use of these cryptocurrencies will increase evvel rules are in place, the report said.

The project, which also claims Tether’s Paolo Ardoino as an investor, aims to enhance stablecoin adoption through a Bitcoin sidechain that allows zero-fee USDT transactions.

Company veri suggests that Tether’s reserves are 66% compliant under the STABLE Act and 83% under the GENIUS Act, the report said.

USDC and USDT minting accelerated in the past weeks, providing a bullish signal for crypto markets despite declining token prices.

This coincided with the launch of Donald Trump’s memecoin $TRUMP which caused a wave of inflows to the network