Wyoming is moving closer to launching its state-backed stablecoin, WYST, on LayerZero

The Wyoming Stable Token Commission, overseeing the project, has partnered with LayerZero to develop and distribute the token.

Wyoming is getting closer to launching its state-backed stablecoin, WYST, on LayerZero, with a possible release by July 2025.

The Wyoming Stable Token Commission, which is overseeing the project, has partnered with LayerZero to develop and distribute the token.

Governor Mark Gordon and commission executive director Anthony Apollo confirmed at the DC Blockchain Summit that WYST has entered its testing phase.

The stablecoin has been deployed on testnets for Avalanche, Solana, Ethereum, and other blockchains.

WYST will be fully backed by cash and US Treasury securities, with interest from reserves allocated to Wyoming’s school foundation fund.

To maintain stability, it will be overcollateralised. The reserves will exceed the total number of tokens issued.

Governor Gordon highlighted that the state is aiming to launch the stablecoin by mid-2025 if testing proceeds as planned.

“We’ve got the legislation in place; we’re cutting-edge in terms of where we're going with this digital asset initiative,” said Governor Gordon.

The commission selected LayerZero’s Omnichain Fungible Token standard to facilitate efficient token transfers across various blockchains.

"We're testing the token now on seven chains, and we're working on integrating it with LayerZero to enable seamless use across multiple blockchains," added commission executive director Anthony Apollo.

The commission is currently optimising WYST’s smart contracts and risk management framework.