Wyoming to Launch Its Own Stablecoin Pegged to the US Dollar, Promises 102% Backing

WYST will be pegged to the US dollar and fully backed by cash, US Treasury bonds, and repurchase agreements, ensuring a 102% capitalization to maintain stability and trust.

Key Takeaways:

Purpose and Backing: WYST will be pegged to the US dollar and fully backed by cash, US Treasury bonds, and repurchase agreements, ensuring a 102% capitalisation to maintain stability and trust. 

Issuance and Technology Partner: The state has partnered with LayerZero, an interoperability protocol, to issue WYST. Nine potential blockchains, including Ethereum, Solana, and Polygon, are being considered for hosting the stablecoin.

Economic Benefits: Interest accrued from the reserve assets backing WYST is intended to fund state initiatives such as education and infrastructure projects.

A recent report by CCXV on March 26, 2025, sheds light on the latest developments in Wyoming's cryptocurrency strategy. At the DC Blockchain Summit, Governor Mark Gordon highlighted the swift action of the Stable Token Commission in engaging LayerZero as the technology partner for developing and distributing the state's stablecoin.

"We have several test nets running with Wyoming stable tokens and the Stable Token Commission has formally engaged LayerZero as our token development and distribution partner," announced Governor Gordon.

Known for its crypto-friendly policies, Wyoming has been at the forefront of integrating digital assets into the financial system. The state legislature has passed several bills to create a DAO framework, regulate digital banking with a special-purpose depository institution (SPDI) program, and provide clear revenue reporting standards for blockchain companies.

Governor Gordon, a known advocate for expanding state-issued revenue sources, stated that the interest on US Treasury bonds used to capitalise WYST will fund state initiatives. A 102% capitalisation is planned to ensure the stablecoin's stability and maintain trust.

"We are now able to report that LayerZero has been selected by the Commission to be the technology partner for the issuance of the State of Wyoming’s stablecoin, which will be named WYST and is planned to be launched in July 2025," a statement from the State of Wyoming announced.

"LayerZero is an industry-leading protocol for interoperability, enabling seamless token transfers and communication between various blockchains. This partnership will facilitate the efficient deployment and broad accessibility of WYST across a wide range of chains."

The statement continued, "The Commission is currently evaluating nine chains for the deployment of WYST. Among the chains under consideration are Ethereum, Solana, Polygon, Optimism, and several others. The final decision on which chains will host WYST will be made in due course."