Wyoming Takes the First Formal Step Toward Launching a Stablecoin

The State of Wyoming has taken the first formal step toward launching what could be the country's first ever stable token issued by a U.S. state

The State of Wyoming is planning to launch its own fiat-backed stablecoin, the $WYST token, by July 2025, making it the first U.S. state to issue a government-backed crypto.

According to a report by The Digital Chamber, the Stable Token Commission has officially engaged LayerZero to develop and distribute the stablecoin.

“We have stable tokens, Wyoming Stable Tokens (WYST) on several test networks already. People can go on to Optimism, Optimism Goerli, and Hyperledger to see the Wyoming Stable Tokens already being circulated,” said Anthony Apollo, the executive director of the Wyoming Stable Token Commission.

“We are able to move quickly because of the bipartisan support that we have in the State of Wyoming. We also have complete cooperation between the executive, legislative, and judicial branches of government on this initiative.”

The commission has also announced the candidate blockchains for the project, and they are aiming for an early July launch. A total of seven blockchains are being considered for the project.

Among the U.S. states, Wyoming is known to be one of the few that showed early promise in opening up to blockchain technology and digital innovation. It is also the home state of Sen. Cynthia Lummis, one of President Donald Trump’s staunch allies, who is known to be pro-cryptocurrency and has been pushing for a national strategic Bitcoin reserve.

The state is also setting up a new revenue stream via interest derived from reserve assets, and the proceeds generated are expected to be used “for funding education and infrastructure.”

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