Key Takeaways
- The Wyoming Stable Token Commission has made WYST’s smart contract addresses publicly available
- Governor Mark Gordon and Wyoming Stable Token Commission Executive Director Anthony Apollo provided updates at the DC Blockchain Summit
Wyoming has begun testing its state-issued stablecoin, the Wyoming Stable Token (WYST), across multiple blockchain networks, with a full launch expected by July 2025. Governor Mark Gordon and Wyoming Stable Token Commission Executive Director Anthony Apollo provided updates at the DC Blockchain Summit, confirming progress on the project.
The stablecoin, designed to be fully backed by cash and U.S. Treasuries, is currently being tested on Ethereum, Solana, Avalanche, Arbitrum, Optimism, Polygon, and Base. Wyoming has partnered with LayerZero, a blockchain interoperability firm, to enable cross-chain functionality.
Apollo stated that the ongoing testing phase is important to refine WYST’s smart contracts. “The next phase of testing and customizing smart contracts is an imperative step towards delivering the best product for Wyoming and stable token holders,” he said. The Wyoming Stable Token Act, signed into law in March 2023, set the legal foundation for the initiative.
Since then, the state has worked to develop the token, with an initial launch planned for early 2025. While a test version has been deployed, the mainnet release is scheduled for the third quarter of 2025.
As per an official statement, WYST is designed to meet financial regulations requiring over-collateralization, with interest from its reserves directed to Wyoming’s School Foundation Fund. Governor Gordon emphasized the importance of transparency and security, noting that the stablecoin’s reserves will be independently audited.
LayerZero, selected through a competitive bidding process, is assisting WYST’s deployment using its Omnichain Fungible Token (OFT) Standard. Initial demonstrations have successfully executed transactions between the Ethereum and Avalanche testnets using Stargate, a LayerZero-powered bridge.
“There’s no clearer signal of where finance is heading than a U.S. state putting the dollar on-chain,” said Simon Baksys, Vice President of Business Development at LayerZero Labs.
The Wyoming Stable Token Commission has made WYST’s smart contract addresses publicly available, allowing developers and third-party projects to review and test integrations. Wyoming residents and businesses can also register as alpha testers through the Commission’s website.
