US State Wyoming to Launch Its Own Stablecoin WYST

Highlights:

• Wyoming Stable Token Commission partnered with LayerZero to develop and distribute WYST.
• WYST is backed by cash and U.S. Treasury securities for stability.
• Trump’s World Liberty Financial will launch USD1, a stablecoin tied to the dollar.

Stablecoins are rapidly gaining traction in the U.S. The House of Representatives introduced its version of a stablecoin bill, while Trump-backed World Liberty Financial unveiled plans for USD1, a stablecoin tied to the U.S. dollar. Meanwhile, the Wyoming Stable Token Commission is gearing up to launch WYST, a state-backed digital currency, in July.

According to the official announcement on March 26, the Wyoming Stable Token Commission will oversee the launch of WYST. The commission has partnered with LayerZero to develop and distribute the token. At the DC Blockchain Summit, Wyoming Governor Mark Gordon and executive director of the Wyoming Stable Token Commission, Anthony Apoll, confirmed that WYST has entered its testing phase.

He stated:

“The Stable Token Commission has formally engaged LayerZero as our token development and distribution partner, and we have stable tokens — Wyoming stable tokens — on several test networks.”

WYST Testing and Stability Plans

​Anthony Apollo confirmed that developers have deployed WYST on testnets for Ethereum, Solana, Avalanche, Arbitrum, Optimism, Polygon, and Base, using valueless tokens for initial testing. WYST will be fully backed by cash and U.S. Treasury securities to ensure stability. Interest from these reserves will go to Wyoming’s school foundation fund, benefiting the state.

WYST will maintain its value by holding reserves greater than the tokens issued. By law, it must also keep at least 102% capitalization, ensuring extra financial security.

Apollo stated that WYST would allow holders to send dollar transactions worldwide. Users can send transactions of any value, which will process almost instantly. The fees will be much lower than traditional ACH or wire transfers.

Wyoming’s Leadership in Digital Assets

Governor Mark emphasized Wyoming’s commitment to transparency and innovation in digital assets. He expressed excitement about presenting the state’s leadership on a national level. He believes Wyoming can serve as a model for other states and the federal government. Gordon noted that WYST could help farmers and ranchers by creating new market opportunities. He also highlighted that the state would earn revenue from WYST through interest on its reserve assets.

Gordon said:

“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.”

​The Wyoming Stable Token Commission has chosen LayerZero’s Omnichain Fungible Token (OFT) standard for WYST.  This will allow it to work smoothly across multiple blockchains. Users can move WYST between networks without relying on centralized bridges. This approach reduces security risks. LayerZero proudly announced its selection as Wyoming’s token partner for WYST. It noted that it is the first fully reserved, fiat-backed stablecoin issued by a U.S. public entity.

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.

There’s no clearer signal of where finance is heading than a U.S. state putting the dollar onchain. pic.twitter.com/IkinTrmKYG

— LayerZero (@LayerZero_Core) March 26, 2025

Meanwhile, Donald Trump’s World Liberty Financial has announced plans to launch USD1, a stablecoin pegged to the U.S. dollar. The company first hinted at this project in October last year. It has promoted USD1 as a secure and reliable digital asset. USD1 is backed by U.S. Treasuries, dollar deposits, and cash equivalents held by BitGo. It will launch on Ethereum and Binance Smart Chain, with plans to expand later.

Meet USD1 — the stablecoin your portfolio’s been waiting for.

Built for institutions and retail alike. Backed by dollars. Custodied by BitGo.
No games. No gimmicks. Just real stability.https://t.co/vXPbZe0GPn

— WLFI (@worldlibertyfi) March 25, 2025