Wyoming to Launch State-Issued Stablecoin WYST by July 2025

Wyoming is set to launch its own stablecoin, the Wyoming Stable Token (WYST), on LayerZero, with a possible release by July 2025. The Wyoming Stable Token Commission, responsible for overseeing the launch, has partnered with LayerZero to develop and distribute the token, according to an official announcement on March 26.

Speaking at the DC Blockchain Summit, Wyoming Governor Mark Gordon and Commission Executive Director Anthony Apollo revealed that WYST has entered its testing phase. The stablecoin has been deployed on testnets for Avalanche, Solana, Ethereum, and other blockchains. These test tokens hold no real value but are crucial for ensuring system functionality before the official launch.

Backed by U.S. Treasury Securities

WYST will be fully backed by cash and U.S. Treasury securities to maintain price stability. The interest generated from reserves will be allocated to Wyoming’s school foundation fund, ensuring that the stablecoin benefits the state. To further strengthen its stability, WYST will be overcollateralized, meaning reserves will exceed the total number of tokens issued.

Governor Gordon emphasized Wyoming’s leadership in blockchain adoption and financial innovation.

“Our forward-thinking approach to blockchain and digital asset legislation has positioned Wyoming as a model for not only other states, but the federal government as well.” — Mark Gordon, Wyoming Governor

LayerZero’s Omnichain Standard Chosen for Security and Interoperability

The commission selected LayerZero’s Omnichain Fungible Token standard to enable seamless cross-chain functionality. This approach reduces security risks by allowing users to transfer WYST across multiple networks without relying on centralized bridges.

A recent test transaction demonstrated WYST moving between Ethereum and Avalanche using Stargate, a LayerZero-powered bridge. However, any compatible interface will be able to support WYST transfers, enhancing accessibility.

Regulatory Framework and Launch Timeline

Wyoming lawmakers have been working on the stablecoin since passing the Wyoming Stable Token Act in March 2023. The commission will continue refining WYST’s smart contracts and risk management framework. If testing proceeds as planned, WYST could officially launch by July 2025.