June 23rd, 2025
Oh look, a new stablecoin—brought to you by the state of Wyoming.
Because if there’s one thing we trust more than central banks and corporate stablecoin issuers, it’s state governments experimenting with digital money backed by repurchase agreements. Yes, folks, they’re not even pretending to innovate. They’re literally printing coins out of thin air and promising they’re “backed” by paper promises and… cash-ish instruments.
The new Frankenstein token is called WYST, short for “Wyoming Stable Token”—because calling it “Wyoming’s Yikescoin Backed by Treasury Hocus Pocus” would’ve been too honest. Launching on August 20 at the Wyoming Blockchain Symposium, WYST is touted as the “first-of-its-kind state-issued stablecoin.”
First-of-its-kind? Yeah, and maybe last-of-its-kind, too, once people realize what’s backing it.
Let’s break it down:
-
Issued by the state. So your friendly government is now your liquidity provider.
-
Backed by repurchase agreements. Aka short-term loans collateralized by government debt that collapse real fast when trust vanishes.
-
Built on blockchains like Solana or Aptos. Because nothing says “we care about stability” like launching your state-backed currency on platforms that go offline more than your uncle’s AOL connection.
While we applaud any movement toward digital currency adoption—yay for evolution—the fact that this is the model being hyped as “safe and reliable” should concern every rational person. WYST may look pretty on the outside, but under the hood it’s the same TradFi sludge we’ve been trying to get away from. Now it just comes with a shiny dApp wrapper and a state seal of approval.
Is this really what Satoshi had in mind?
Nope. This is exactly what we were hoping to avoid—centralized, opaque, government-aligned “crypto” pretending to be decentralized innovation. If this works, expect other states to roll out their own digital Frankenbucks, and next thing you know we’ll be trading IllinoisIlliquidCoin or New Jersey JuiceTokens, all backed by IOUs and tears.
So while the normies and politicians pat themselves on the back for “bridging innovation and finance,” we’ll be over here stacking sats, securing our keys, and wondering how many more of these experiments have to blow up before people figure out that Bitcoin is the answer.
This isn’t financial advice, but if you’re betting on a stablecoin backed by the same financial wizardry that caused the 2008 crash, maybe keep a little dry powder in actual Bitcoin.
#BitcoinNotBonds #WYSTTheRisk #StackSatsNotStablecoinBets