Wyoming Will Launch Its Own Stablecoin, Called WYST

YEREVAN (CoinChapter.com) — Wyoming will launch its own stablecoin, called WYST, in July 2025. The token will be pegged to the US dollar and backed by cash

The U.S. state of Wyoming is set to launch its own stablecoin, pegged to the dollar and backed by cash, Treasury bonds, and repurchase agreements, by July 2025.

The state's involvement in the pilot program was discussed by Governor Mark Gordon at the DC Blockchain Summit on Wednesday.

The plan also includes a statutory requirement of 102% capitalization, meaning all WYST tokens must be fully backed with reserves.

Officials emphasized that the stablecoin is not linked to the previously proposed Bitcoin reserve plan, which failed to pass earlier due to opposition from fiscal conservatives.

"We’re honored to be chosen by Wyoming as the token issuance partner for WYST, the first fiat-backed and fully-reserved stablecoin issued by a public entity in the United States," said LayerZero.

Wyoming will host the stablecoin on one of nine selected blockchains, such as Ethereum, Solana, or Polygon, and will integrate LayerZero's interoperability protocol to enable cross-chain features.

However, no technical details regarding the integration of LayerZero's protocol were disclosed.

The WYST stablecoin will follow state laws and maintain full backing with high-quality liquid assets.

Wyoming's vast investment portfolio, encompassing U.S. Treasury bonds and state-held cash, may serve as collateral for the stablecoin, avoiding the direct use of taxpayer funds.

The plan proposes using interest earned from reserves to support services like education and infrastructure.

The 102% capitalization model ensures every WYST token remains fully backed.

This financial approach differs from the failed Bitcoin reserve bill introduced by Senator Cynthia Lummis, which did not pass through committee.

The WYST stablecoin uses traditional assets, not cryptocurrency, and will follow state laws.

Wyoming is evaluating nine blockchains to host the stablecoin, with leading candidates including Ethereum, Solana, and Polygon.

The state will consider each chain's infrastructure, network capabilities, and compatibility with LayerZero technology.

The goal is to deploy the stablecoin efficiently and securely on a public chain.

State officials view the project as a limited-scale experiment to test operational feasibility and asset management under state oversight.

Lawmakers blocked the plan to use state money to buy Bitcoin earlier this year, despite Wyoming's Republican leadership.

Now, state officials aim to move forward with the initiative using already-held Treasury bonds and cash.

Governor Mark Gordon's announcement at the DC Blockchain Summit marks a first-of-its-kind move by a U.S. state to put the dollar onchain.