Wyoming launches WYST, a multichain stablecoin set to go live in July, backed by cash and U.S. Treasury securities.
According to Bloomberg, on March 26, Wyoming began testing its state-backed stablecoin, the Wyoming Stable Token (WYST). Fully backed by cash and U.S. Treasury bonds, WYST represents the first attempt by a U.S. public entity to issue a state-backed stablecoin.
The announcement was made during the DC Blockchain Summit, where Wyoming Governor Mark Gordon and Stable Token Commission Director Anthony Apollo discussed the project. Currently, the stablecoin is available on seven blockchain testnets—Ethereum, Solana, Avalanche, Arbitrum, Optimism, Polygon, and Base—leveraging LayerZero’s interoperability infrastructure.
A new stablecoin model
WYST reserves will be held in public accounts of the state of Wyoming, with a legal requirement to maintain at least 102% in backing. The stablecoin is designed to generate new revenue for the state, with Wyoming planning to reinvest interest earned from reserves into education and infrastructure, particularly through the Wyoming School Foundation Fund.
Governor Gordon stated:
“Our forward-thinking approach to blockchain and digital asset legislation has positioned Wyoming as a model for not only other states but the federal government as well.”
Technology and interoperability
To ensure cross-chain functionality, the state selected LayerZero Labs as its technology partner. The stablecoin is built on the Omnichain Fungible Token (OFT) standard, allowing for native cross-chain transfers.
During initial tests, a transaction was successfully executed between Ethereum and Avalanche using Stargate, a bridge solution powered by LayerZero. Simon Baksys, VP of Business Development at LayerZero, commented:
“There is no clearer signal of where finance is headed than a state government bringing the dollar onchain.”
Official launch and roadmap
Following the testing phase, the public launch of WYST is scheduled for July 2025. The Stable Token Commission is currently working on integrating reserve management features and regulatory compliance protocols. Wyoming residents and registered businesses will be able to participate in the testing program through the Commission’s official website.
