The news: Financial institutions (FIs), crypto projects, and other entities are racing to launch their own stablecoins as hype over the asset class explodes.

The Trump family-backed crypto venture World Liberty Financial launched a stablecoin called USD1, per a press release. It worked with BitGo on the launch of the stablecoin, which will soon go live on the Ethereum and Binance Smart Chain networks.
Fidelity is also reportedly preparing to launch a stablecoin, per the Financial Times. The asset manager is in advanced stages of testing the coin.
Custodia Bank and Vantage Bank partnered to launch the Avit stablecoin, which they claim is “America’s first-ever bank-issued stablecoin” on a permissionless blockchain.
The state of Wyoming is also making steps to launch a stablecoin, the WYST token, with aims for a July roll-out.

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