Wyoming Stablecoin WYST to Go Live in July as First State-Backed Crypto

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Stablecoins are making headlines, and this time, it’s not just because of market trends. With strong support from President Donald Trump and his family, these digital assets are gaining more traction than ever. Big financial players like Fidelity are jumping in, and investors are bracing for a wave of new stablecoins in 2-3 months.

But one state is taking things to the next level – Wyoming is about to launch the first-ever state-backed stablecoin. What makes it different?

Wyoming’s State-Issued Stablecoin

Wyoming is set to make history with its own stablecoin, the Wyoming Stable Token (WYST). Expected to launch by July 2025, it will be the first stablecoin issued by a U.S. state. Unlike volatile cryptocurrencies, WYST will be fully backed by U.S. Treasuries, cash, and repurchase agreements, ensuring stability and security. To further protect investors, the state requires a capitalization of at least 102%.

At today's DC Blockchain Summit hosted by the @DigitalChamber, @GovernorGordon & Executive Director @wyoapollo announced that the Commission has partnered with @LayerZero_Core for development of the WYST stable token.

Details have been announced here:https://t.co/bUMoNO5Fc9

— Wyoming Stable Token Commission (@wyostable) March 26, 2025 Testing Across Multiple Blockchains

State officials recently revealed at the DC Blockchain Summit that WYST is currently being tested on several blockchain networks, including Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon, and Coinbase’s Base. To ensure smooth integration across these networks, Wyoming has partnered with LayerZero, a company specializing in blockchain interoperability.

Testing will continue through the Q2 of this year, with the official launch expected in July.

A quick demo of how WYST may be moved across chains is presented below.

The Commission looks forward to announcing other engagements in the near future as we work towards issuance of a fiat-backed and fully-reserved stable token in the coming months. pic.twitter.com/OwCvM1CkZO

— Wyoming Stable Token Commission (@wyostable) March 26, 2025 Faster, Cheaper Transactions for Users

Anthony Apollo, executive director of the Wyoming Stable Token Commission, highlighted the benefits of WYST, noting that it will enable near-instant transactions at lower costs. Compared to traditional banking methods like ACH or wire transfers, WYST could offer a more efficient way to move money.

The development team is currently fine-tuning smart contracts to ensure a smooth and user-friendly experience.

Trump’s Influence on the Stablecoin Market

Since Donald Trump returned to office, stablecoins have gained significant traction, with the total market value nearing $230 billion. These digital assets, often pegged to the U.S. dollar, are becoming a preferred choice for payments and remittances.

The Trump administration’s push for stablecoin regulations has further encouraged growth, with new legislation making its way through Congress. 

Big Institutions Join the Stablecoin Race

The rise of stablecoins has caught the attention of major financial institutions. Fidelity Investments is reportedly exploring the creation of its own stablecoin, while World Liberty Financial (WLFI), a DeFi protocol backed by Trump, has also announced plans to enter the market. Wyoming’s WYST could set an example, leading more states and institutions to explore blockchain-based financial solutions.

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