Wyoming Plans to Launch WYST Stablecoin in July, Governor Confirms

The US state of Wyoming is gearing up to launch its long-standing stablecoin, WYST, in July. An official release from the state governor’s office noted that the state is considering nine blockchains to host the stablecoin.

Speaking at the DC Blockchain Summit on Wednesday, Wyoming Governor Mark Gordon confirmed the token’s launch after a testing period.

Wyoming has partnered with LayerZero to launch WYST, pegged to USD and backed by cash, US Treasuries and repurchase agreements. Further, the stable token maintains a statutory requirement of no less than 102% capitalization, per Bloomberg.

“There’s no clearer signal of where finance is heading than a U.S. state putting the dollar onchain,” wrote LayerZero on X.

We’re honored to be chosen by Wyoming as the token issuance partner for WYST, the first fiat-backed and fully-reserved stablecoin issued by a public entity in the United States.

There’s no clearer signal of where finance is heading than a U.S. state putting the dollar onchain. pic.twitter.com/IkinTrmKYG

Wyoming is weighing Solana, Ethereum, Polygon, Avalanche, Base, and others among the nine potential blockchains to launch WYST.

Speaking at the Blockchain Summit, state Governor Mark Gordon noted that the stable token’s testing phase will continue through the second quarter.

“Once launched, WYST will grant holders the ability to transmit dollar-denominated transactions of any value, anywhere in the world, nearly instantly, with significantly reduced fees compared to traditional ACH or wires,” said Wyoming Stable Token Commission Executive Director Anthony Apollo.

Governor Mark highlighted the state’s “commitment to transparency and innovation” in the digital asset space.

“We are thrilled to share Wyoming’s vision for state leadership in the nation’s capital,” he noted, adding that Wyoming is well-positioned as a model for other states and the federal government.

“It can also be a tool that farmers and ranchers can use to develop new markets,” Gordon said. He explained how the state would generate new revenue streams from WYST through interest income derived from the reserve assets.

Pro-crypto Wyoming Republican Senator Cynthia Lummis has been planning to launch a state-issued stablecoin for years. Despite her Bitcoin support, however, the Senator has harboured reservations about stablecoins like Tether.

Stargate, a third-party bridge powered by LayerZero, already conducted a demo transaction of WYST between Ethereum and Avalanche testnets.

“The next phase of testing and customizing smart contracts is an imperative step towards delivering the best product for Wyoming and stable token holders,” said Director Apollo.

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