Wyoming has shortlisted layer one blockchains Solana (SOL) and Aptos (APT) as the main candidates for running the state’s proposed stable token idea.

The Wyoming Stable Token Commission (WYST) is a proposed virtual currency representative of and redeemable for one US dollar held in a trust by the state of Wyoming.

In a post on the social media platform X, Aptos says that the state is looking to use either chain with Layer Zero infrastructure to deploy a potential stablecoin.

“The Wyoming Stable Token Commission has placed Aptos as the highest-scoring blockchain candidate for WYST – the first fiat-backed stablecoin issued by a US State  – tying for 1st place with Solana.

WYST will be deployed using Layer Zero… 

Aptos is making borderless, always-on finance a reality today with three native USD stablecoins & $30 billion+ in monthly stablecoin volume, supported by sub-second finality and near-zero transaction fees at [around] $0.00055.

Following the recent passing of the GENIUS Act to establish the first regulatory framework for stablecoins and Aptos pushing further as the chain for stablecoins, the future of finance is here on Aptos.”

Last year, Wyoming Governor Mark Gordon said he would push for the adoption of a “transparent” stablecoin fully backed by the state’s short-term Treasury holdings.

“One of the big things for me is to be able to bring back onshore a lot of our debt because if it’s bought by treasuries and supported by Treasurys, it will help to stabilize that market to a degree…

[What] is clear to me is that digital assets are going to have a future. The United States has to address this issue. Washington’s being a little bit stodgy, which is why Wyoming, being a nimble and entrepreneurial state, can make a difference.”

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Stablecoins have become a “political hot potato” ahead of next month’s presidential elections, South Korean media outlets wrote on May 12.

Aju Kyungjae quoted the Bank of Korea (BOK) as stating that it alone should have the legal authority to approve plans to launch a won-based stablecoin.

South Korean Central Bank: Stablecoin Showdown Ahead?

Koh Kyung-chul, the head of the BOK’s electronic finance unit, explained:

“Stablecoins would have a significant impact on the implementation of central bank policies such as monetary policy and financial stability, as well as payments and settlements.”

The bank official added that the BOK should be involved from the “initial” stage. This will ensure that “any negative impact on central bank policy is minimized,” Koh said.

Koh added that the BOK should also be granted input should lawmakers decide to create stablecoin-related legislation. The official explained:

“Legislation design is important. This will help build a stable and sustainable digital payment ecosystem.”

The BOK appears to be concerned that a won-pegged stablecoin could replace the demand for legal currency. This, it worries, could have a significant knock-on effect for monetary policy.

Bank officials say they are aware that US dollar-pegged stablecoins like Tether (USDT) are already being used in place of the dollar in cross-border trade operations.

The central bank has already spoken about stablecoins at length this year. In its payment and settlement report last month, the BOK warned:

“Stablecoins can infringe upon monetary sovereignty and undermine the effectiveness of monetary policy. A careful review is necessary before they are approved.”

Earlier this month, the BOK Governor Lee Chang-yong issued another stablecoin warning. The Governor said that USDT “and other stablecoins” would “likely bypass South Korean capital regulations and foreign exchange regulations.” Lee Chang-yong concluded that stablecoin regulation “is an urgent matter.”

However, the presidential frontrunner and Democratic Party candidate Lee Jae-myung recently claimed that South Korea “must create a won-based stablecoin market.”

The DP leader spoke about KRW-pegged coins. He said that South Korea must “enter the stablecoin market quickly” or risk an “outflow of national wealth.”

‘Terra Collapse Should Serve as a Warning’

Lee Jae-myung’s comments sparked a backlash from Lee Jun-seok, the candidate for the Reform Party. The latter accused the DP candidate of making “dangerous and experimental” economic promises.

He also said that Lee Jae-myung had failed to learn the lessons of the calamitous collapse of the Terra ecosystem and its KRW-pegged stablecoin in May 2022.

Lee Jun-seok said that his rival was “bandying plausible-sounding words” like “stablecoin” about “without understanding anything about the market.”

Several Lee Jae-myung allies have jumped to the frontrunner’s defence. An ex-DP MP accused the Reform Party leader of failing to “familiarize himself with the basic concepts of global financial regulation.”

Should Lee Jae-myung win power on June 3, he and his party may find themselves at loggerheads with the BOK.

The DP lawmaker Min Byung-deok last month unveiled a private member’s bill entitled the Digital Asset Basic Act (literal translation).

Min’s bill stipulates that the regulatory Financial Services Commission, not the BOK, should be given the sole authority to approve stablecoin issuances.

The post South Korean Central Bank Wades into Presidential Candidates’ Stablecoin Row appeared first on Cryptonews.

Several Democratic candidates in New Jersey’s crowded race for governor are leaning into crypto as a policy issue, reflecting a shift in how digital assets are discussed on the campaign trail.

According to a Bloomberg report published on May 7, at least three of the six Democratic hopefuls—including Mikie Sherrill, Steve Fulop, and Josh Gottheimer—have public records supporting crypto-related legislation or proposals.

New Jersey Candidates for Crypto

Sherrill, a U.S. Representative who leads in some polls, said crypto must be part of the economic conversation. “Crypto is part of my platform. It’s part of the economy,” she said. “And we need to push into this space to understand how to move forward in the best possible way because it’s not going to go away.”

She previously backed the Financial Innovation and Technology for the 21st Century Act and a bill to repeal an IRS rule on crypto tax reporting.

Fulop, the mayor of Jersey City, has personal investments in Bitcoin and Ethereum. Last year, he supported a move to allow the city’s pension fund to invest in crypto ETFs. If elected, he said he would consider similar strategies at the state level.

Gottheimer has been among Congress’s most active crypto legislators, co-sponsoring multiple bills focused on stablecoins and digital asset transparency. He has also received financial support from crypto industry PACs, including Fairshake, which spent over $120,000 backing his 2024 campaign.

Crypto’s Role in Governor Contest

The renewed focus on crypto comes amid growing industry influence. Advocacy groups such as Stand With Crypto are sponsoring both Democratic and Republican primary debates this month. While crypto is not the leading issue in the race, it could serve as a differentiator in a field with no clear frontrunner.

The Democratic primary will take place on June 10. A Rutgers-Eagleton poll released in April showed Sherrill and Fulop ahead, though roughly one-third of likely voters remained undecided.

While past crypto engagement has focused heavily on federal rulemaking, the New Jersey race suggests that local governments could become early proving grounds for adoption and regulation, particularly through pension funds, municipal investment strategies, and state-chartered fintech initiatives.

At the same time, the Democratic Party’s broader stance on crypto remains unsettled. Although some lawmakers continue to express skepticism about the industry’s risks, candidates like Sherrill and Gottheimer have indicated a willingness to engage more directly.

Frequently Asked Questions (FAQ):

The post New Jersey Governor Candidates Turn to Crypto – Could a Token Strategy Sway June Voters? appeared first on Cryptonews.