Wyoming launches the first state-issued stablecoin: CNBC Crypto World

Market Trends & Price Movements - Bitcoin experienced a retreat alongside a pullback in tech stocks [1][2] - Ether fell by more than 35% to $4,190 [3] - Solana's SOL token also decreased, dropping below $180 [3] Company News & IPOs - Figure Technology, a blockchain lending company, has filed to go public on the NASDAQ [1][4] - Figure Technology reported $191 million in net revenue for the first 6 months of 2025, a 22% increase compared to the same period last year [4] - Figure Technology reported a net income of $29 million for the first 6 months of this year, compared to a net loss of $13 million in the same period last year [4] - Tether hired Bo Hines to lead its US digital asset strategy [5][6] Regulatory & Legislative Developments - Wyoming will launch its own US dollar-backed stablecoin called Frontier Stable Token [7] - Congressman Brian Style discussed the Clarity Act, emphasizing its importance for fostering innovation and protecting consumers in the crypto space [10][12] - The Clarity Act aims to establish a clear regulatory framework for crypto, addressing the current lack of regulatory clarity in the US [11][13] - The Genius Act, a stablecoin regulation bill, has been signed into law [8][16] - The industry anticipates significant investment in the stablecoin space in the US following the enactment of the Genius Act [29]