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Wyoming State Gears Towards Stablecoin Launch in July

Wyoming is planning to launch its own state-issued stablecoin, the Wyoming Stable Token , as early as July, positioning itself as potentially the first US entity to issue such a token.
Fueled by the growing popularity of stablecoins, which have a market value of nearly $230 billion and are increasingly used for payments and remittances, Wyoming aims to leverage its existing framework to pioneer digital payments.
WYST is currently being tested on multiple platforms including Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon and Coinbase's Base testnets in collaboration with LayerZero, a blockchain interoperability firm, to facilitate token deployment across networks.
According to Anthony Apollo, Wyoming Stable Token Commission Executive Director, the next phase of testing and customizing smart contracts is an imperative step towards delivering the best product for Wyoming and stable token holders, while Governor Mark Gordon recalls Jamie Dimon suggesting Wyoming as the ideal place to develop such a project due to its existing framework.
WYST will be fully backed by US Treasury cash and repurchase agreements, maintaining a statutory requirement of no less than 102% capitalization, with interest income from the reserve assets potentially funding education and infrastructure, separate from the state's Bitcoin reserve plan.

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Coin Desk

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Wyoming State Gears Towards Stablecoin Launch in July

Wyoming state is making steps towards launching a stablecoin later this year, which could be the first fiat-backed and fully reserved token issued by a public entity in the U.S., state officials said at the DC Blockchain Summit on Wednesday. The Wyoming Stable Token (WYST) is currently being tested on Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon and Coinbase's Base testnets, according to a press release. The state is working with Lay…

5 days ago·Manila, Philippines

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Center

Wyoming to Launch State-Issued Crypto Stablecoin

Wyoming plans to launch its own state-issued cryptocurrency in the form of a stablecoin as soon as July,…

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Wyoming Stable Token enters critical testing phase

CHEYENNE – Wyoming Stable Token Commission Executive Director Anthony Apollo moderated a fireside chat with Commission Chairman Gov. Mark Gordon at the D.C. Blockchain Summit on Wednesday, hosted by The Digital Chamber.

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Bloomberg

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Wyoming Governor Expects State to Issue Its Own Stablecoin by July

Wyoming plans launch its own cryptocurrency as soon as July, making it the first fiat-backed and fully-reserved stable token issued by a US entity.

5 days ago·United States

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Crypto News Flash

Wyoming to Launch State-Backed Stablecoin ‘WYST’ - Crypto News Flash

Wyoming has begun testing its state-issued stablecoin WYST across multiple blockchain networks. The stablecoin is over-collateralized with cash and U.S. Treasuries, and interest from reserves will support Wyoming’s School Foundation Fund. The State of Wyoming has officially launched the first state-affiliated stablecoin, the Wyoming Stable Token (WYST), on multiple blockchains. This is a major advancement, as Wyoming is the first state in the U…

3 days ago

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