Anthony Apollo, the Executive Director of the Wyoming Stable Token Commission, is considering the launch of a fully backed and compliant stablecoin as a step towards integrating blockchain into the state's financial operations, including the State Treasury's activities.

"I certainly believe so. I think there's a need for transparency in government expenditures," Apollo told Cointelegraph, supporting the idea that financial records should be more accessible—a point also raised by Elon Musk, who has called for the U.S. Federal Treasury to transition to blockchain.

While Wyoming already promotes transparency through its digital platform WyOpen, Apollo believes a blockchain-based system would be a significant advancement. He asserts that the ability to instantly track taxpayer dollars should be a standard expectation.

Currently, the focus is on the state-backed stablecoin, which, according to Apollo, is expected to enter the testnet phase within six weeks, with a full launch planned for the next quarter.

Known for its crypto-friendly policies, Wyoming has been a pioneer in blockchain legislation, having already passed 30 bills supporting cryptocurrencies. It is also among the latest states to introduce a bill for creating a strategic Bitcoin reserve.

Wyoming's state-backed stablecoin may be launched on either Avalanche or Sui, according to a shortlist of qualified providers announced at a public meeting on February 14. The selection process has narrowed down potential blockchain partners, with oral interviews scheduled this week with Ava Labs (Avalanche) and Mysten Labs (Sui).

Regardless of the initial blockchain chosen for the stablecoin's launch, there are plans to eventually expand it across multiple chains to ensure broader compatibility and accessibility.

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