The Blockchain Bulletin March 28: Wyoming Launches First State-Backed Stablecoin
Hey Folks! Welcome to the latest edition of the Blockchain Bulletin, where we cover insights that hit the headlines in the past 24 hours. Wyoming has made history by introducing the first-ever state-backed U.S. digital token, the Wyoming Stable Token (WYST). The state plans to launch its stablecoin in July and has begun testing it on seven major blockchain networks, including Ethereum, Solana, and Avalanche. Governor Mark Gordon and STC Executive Director Anthony Apollo shared these details at the DC Blockchain Summit, marking Wyoming’s serious foray into digital currencies. WYST’s initial testing involves valueless tokens powered by LayerZero’s Omnichain Fungible Token Standard.
Taking a dig at the IRS tax rule, the U.S. Senate has voted 70-28 against the rule. The rule, which would have obliged decentralized finance (DeFi) platforms and other brokerages to report their users’ trading data, had raised an alarm about possible regulatory overreach. The repeal, which is expected to be signed by Donald Trump, reflects growing concerns for innovation and tax compliance.
The Blockchain Group (ALTBG), Europe’s first Bitcoin Treasury Company, has substantially increased its Bitcoin holdings recently, buying 580 BTC for €47.3 million. The company now owns 620 BTC valued at €50.5 million. The purchase made through money raised from a recent convertible bond issuance shows how strategically invested the company is in digital assets.
Elon Musk fueled speculation about the future of Dogecoin and crypto-themed tokens in his latest cryptic social media post. Although the post didn’t directly mention Dogecoin, it spurred discussions among crypto enthusiasts, with some speculating that Musk’s post hinted at a potential rally for Dogecoin. The resulting buzz led to the creation of a new meme coin, GHIBLIDOGE. Meanwhile, Ripple has partnered with Chipper Cash to enhance cross-border payments in Africa through Ripple’s blockchain-based payment solution. The partnership reiterates Ripple’s constant drive into the digital finance industry.
Related: Michael Terpin’s Bitcoin Supercycle and Market Predictions
The gaming retailer GameStop has made a huge entry into the world of crypto. The company announced a public offering of convertible senior notes worth $1.3 billion exclusively for the acquisition of Bitcoin and any corporate purpose to be specified by the issuers. This follows GameStop’s recent decision to hold Bitcoin as a treasury reserve asset.
On the market front, a trader on Hyperliquid lost nearly $1 million after depositing $7.167 million across three accounts to trade the illiquid JELLYJELLY token. Despite significant deposits, the trader’s price manipulation efforts led to losses, with more than $900K still trapped on the platform, according to blockchain analytics firm Arkham Intelligence. Avalanche (AVAX) saw a 4.3% price increase but faced resistance at $22.87, suggesting a potential price reversal. Market analysis using the TD Sequential indicator indicates caution as AVAX may pull back if it fails to break through this resistance level.
On the privacy front, Ethereum co-founder Vitalik Buterin transferred 250 ETH (worth approximately $500,000) to the privacy protocol Railgun. This transaction highlights his continued commitment to privacy-focused solutions within the blockchain space, allowing users to maintain confidential transactions that have low fees. In the meme coin market, Shiba Inu (SHIB) has shown remarkable investor loyalty. Recent data from IntoTheBlock indicates that 76% of SHIB addresses have held tokens for at least one year, making it the third-highest asset for long-term holders, trailing only Litecoin (LTC) and Chainlink (LINK).
Related: Cosmos Price Prediction 2025-35: Will It Hit $200 by 2035?
The crypto exchange Upbit got a legal win over South Korea’s financial regulator after the court in Seoul lifted its suspension, temporarily allowing operations to continue. As a result, new users on Upbit can still deposit and withdraw cryptocurrencies. This will remain in effect for 30 days until the final verdict is delivered.
Following its delisting from Binance, Vite Labs and Linear Finance face significant struggles. While Vite Labs has announced of shutting down its roadmap development, Linear Finance has announced of ceasing operations of the firm. Further, both the firms’ token’s have faced a drastic price dip.
In a nutshell, Wyoming’s WYST launch, Musk’s cryptic post, and major acquisitions highlight crypto’s dynamic growth. Regulatory wins, market shifts, and privacy advancements shape the industry’s evolving landscape. Meanwhile, setbacks like Linear Finance’s closure and Binance delistings show the sector’s volatility, underscoring both innovation and challenges in the digital asset space.
