Wyoming set too Launch State-Issued Stablecoin by July 2025
Wyoming is gearing up to introduce it’s own stablecoin, the Wyoming Stable Token (WYST), on LayerZero.the launch is expected by July 2025.The Wyoming Stable token Commission, in charge of the project, has teamed up with LayerZero (ZRO) for development and distribution.
At the DC Blockchain Summit, Wyoming Governor Mark Gordon and commission executive director anthony Apollo announced that WYST is now in the testing phase. The stablecoin has been deployed on testnets for various blockchains, including Avalanche (AVAX), Solana (SOL), and Ethereum (ETH). Thes test tokens are currently valueless but help ensure the system functions correctly before the official launch.
WYST will be fully backed by cash and U.S. Treasury securities,ensuring its stability. The interest from these reserves will support Wyoming’s school foundation fund. To maintain its value, WYST will be overcollateralized, meaning it will have more reserves then the total number of tokens issued.
Governor Gordon emphasized Wyoming’s leadership in blockchain technology. “Our forward-thinking approach to blockchain and digital asset legislation positions Wyoming as a model for other states and the federal government,” he said.
The commission chose LayerZero’s Omnichain Fungible Token standard for WYST.This allows the stablecoin to function seamlessly across multiple blockchains, reducing security risks. A recent test showed WYST moving between Ethereum and Avalanche using Stargate,a LayerZero-powered bridge.
Wyoming lawmakers have been working on the stablecoin since the wyoming Stable Token Act was passed in March 2023. The commission will continue refining WYST’s smart contracts and risk management framework. If testing goes well, the stablecoin could launch as early as july 2025.
