Wyoming Launches Its State-Backed Stablecoin, the Wyoming Stable Token (WYST), Targeting Launch in July 2025

The state of Wyoming is set to move forward into the digital asset sector with a launch of its state-backed stablecoin, the Wyoming Stable Token (WYST)

Key Takeaways:

• The U.S. state of Wyoming is preparing to launch its state-backed stablecoin, the Wyoming Stable Token (WYST), in July 2025.

• If successful, WYST will be the first fully reserved stablecoin in the U.S. issued by a public entity.

• This effort, announced on March 26 at the DC Blockchain Summit, places Wyoming as an innovator and leader in blockchain regulation and digital asset innovation.

The adoption of the Wyoming Stable Token Act in 2023 and the subsequent establishment of the Wyoming Stable Token Commission has brought the state one step closer to realizing its vision for a state-backed stablecoin.

Known for progressive attitude toward blockchain, the U.S. state of Wyoming is setting the stage for the launch of its own stablecoin, an initiative that began in 2023 with the passage of the Wyoming Stable Token Act and the establishment of the Wyoming Stable Token Commission.

Currently in testing phase on various blockchain testnets—Ethereum, Solana, Avalanche, Arbitrum, Optimism, Polygon and Base—the goal is to ensure compatibility across multiple blockchain ecosystems.

Governor Mark Gordon, Chairman of the Stable Token Commission, highlighted the state’s role in this endeavor.

“We are making good progress. We appreciate the cooperation of the federal agencies in this endeavor. I think that the way in which Wyoming has approached blockchain and digital asset legislation has made it a model not only for other states but also for the federal government.”

A key pillar of WYST is transparency and security. To back WYST, cash and U.S. Treasuries will be used to over-collateralize to stabilize the WYST and maintain its peg to the U.S. dollar.

Unlike some stablecoins with less transparent or more volatile reserves, Wyoming has chosen a conservative approach. This conservative approach aims to build trust in WYST, distinguishing it from stablecoins criticized for their reserves.

A notable aspect of WYST is how the interest generated from these reserves will be allocated. Rather than directing interest earnings to a private company, payouts will be deposited into Wyoming’s School Foundation Fund to directly benefit the state’s education system.

It could be a model for how to harness blockchain technology for the public good. It may also counter common criticisms that cryptocurrencies lack real-world utility beyond speculation.

According to Anthony Apollo, the Executive Director of the Wyoming Stable Token Commission, WYST will allow dollar-denominated value to be transferred globally at a significantly lower cost than traditional systems such as ACH or wire transfers.

“We will be able to transfer dollar-denominated value globally at a fraction of the cost of ACH or SWIFT, and it will have the same legal finality as cash in the U.S.,” said Apollo.