​Wyoming is set to make history by launching the first, one of a kind, state-issued stablecoin in the United States, named WYST. The token is targeted to be released in July 2025. This initiative underlines Wyoming’s commitment to integrating blockchain technology into its financial ecosystem. Fully backed by cash and US Treasuries, this state-issued token will provide a reliable, blockchain-based alternative for dollar-denominated transactions under stringent regulatory supervision. This announcement was made public by Governor Mark Gordon at the DC Blockchain Summit in Washington. 

Testing Phase and Multi-Chain Integration

According to the news release sent by the Governor of Wyoming, the table Token entered the testing stage on several blockchain platforms, which marks a major milestone on the path toward issuance of the United States’ first fiat-backed, fully reserved stable token from a public entity. The coin is undergoing rigorous testing on various blockchains. The release further stated that the tests use valueless tokens to simulate transactions, ensuring the stablecoin works smoothly across different blockchain systems.

Wyoming has partnered with blockchain interoperability firm LayerZero Labs to use its Omnichain Fungible Token (OFT) Standard to facilitate cross-chain transactions. This system allows WYST to be issued and transferred across multiple networks. Early tests have successfully completed transactions between Ethereum and Avalanche test networks. Executive Director of the Wyoming Stable Token Commission, Anthony Apollo noted:

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

Government endorsement

The state of Wyoming passed Senate Enrolled Act 85 in March 2023, also known as the Wyoming Stable Token Act, which in turn created the Wyoming Stable Token Commission. This particular Act gives the Wyoming Stable Token Commission the absolute authority to issue Wyoming Stable Tokens (WYST) which is a state-backed digital currency. Accordingly, one U.S. dollar held in trust by Wyoming will be represented as equal to one token.

By generating interest on its reserve assets, WYST is anticipated to open up new revenue streams for Wyoming. These monies could be used to assist infrastructure and education initiatives around the state. The stablecoin might also draw companies and experts in rapidly expanding industries like energy and artificial intelligence, which would broaden the state economy.

The Stable Token Commission’s chair, Governor Mark Gordon, has enthusiastically backed WYST, underlining its potential to position Wyoming as a major hub for digital asset innovation. At the DC Blockchain Summit, Governor Gordon said, “Our visionary approach to blockchain and digital asset legislation has established Wyoming as a model for not only other states, but the federal government as well.” This highlighted Wyoming’s leadership in blockchain legislation.

Wyoming’s introduction of WYST is a new move toward combining conventional finance with blockchain technology. As the first state-sponsored stablecoin in the U.S., it has the prospect of transforming digital transactions by speeding them up, reducing the costs, and increasing the security. With broad government support, intense testing, and multi-chain compatibility, WYST may be a model for other states to follow in investigating digital assets. If successful, it could not only improve Wyoming’s economy but also have an impact on the future of digital finance in the country.