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Wyoming to Launch WYST, First State-Issued Stablecoin in United States

Wyoming WYST Stablecoin
Wyoming’s WYST stablecoin is set to launch in July 2025.

Wyoming is set to make history with the July 2025 launch of WYST (Wyoming Stable Token), the first fully-reserved, fiat-backed stablecoin issued by a U.S. public entity, according to recent announcements from state officials.

The Wyoming Stable Token Commission confirmed on May 13 that it has partnered with analytics provider Inca Digital to help monitor and mitigate fraud risks as the stablecoin approaches its launch date. This follows the earlier selection of LayerZero Labs as the token issuance partner, utilizing their Omnichain Fungible Token (OFT) Standard for cross-chain functionality.

Our partnership with Inca Digital marks a critical step in our commitment to transparency, security, and innovation,” said Anthony Apollo, Executive Director of the Wyoming Stable Token Commission. 

WYST is currently being tested across seven blockchain networks including Ethereum, Solana, Avalanche, Arbitrum, Optimism, Polygon, and Base. Each token will represent and be redeemable for one U.S. dollar, with the stablecoin backed by U.S. Treasuries, cash, and repurchase agreements at a statutory requirement of 102% capitalization.

WYST testing underway on multiple blockchain platforms.

Wyoming Governor Mark Gordon emphasized the state’s leadership role, stating: “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.” 

The stablecoin initiative stems from the Wyoming Stable Token Act, passed in March 2023, which established the legal framework for issuing a state-backed digital currency. Interest generated from WYST reserves will be deposited into Wyoming’s School Foundation Fund, creating a direct public benefit.

Industry experts note that Wyoming’s initiative comes at a time of significant growth in the stablecoin market, currently valued at approximately $245 billion. Standard Chartered forecasts suggest this could expand to $2 trillion within three years following regulatory clarity.

Wyoming residents and domiciled entities can register as alpha testers through the Commission’s official website as testing continues through the second quarter of 2025.