Wyoming has officially entered the testing phase of its groundbreaking state-issued stablecoin, the Wyoming Stable Token (WYST), with a full launch expected by July 2025. In a significant announcement made at the DC Blockchain Summit on March 26, Governor Mark Gordon and Anthony Apollo, Executive Director of the Wyoming Stable Token Commission, revealed the partnership with LayerZero to develop and distribute the token.

WYST is being deployed using LayerZero's Omnichain Fungible Token standard, a choice made to ensure seamless cross-chain operability without relying on traditional bridges. This approach enhances security and usability, allowing WYST to move across major blockchains like Ethereum, Solana, Avalanche, and others through any LayerZero-compatible interface. In a recent test, WYST successfully transferred between Ethereum and Avalanche using Stargate, LayerZero’s native bridge.

The stablecoin is designed to be fully backed by U.S. cash and Treasury securities, ensuring both stability and trust. In a unique model, any interest generated from the reserve assets will be funneled directly into Wyoming’s school foundation fund, positioning WYST not just as a digital financial tool but as a vehicle for public benefit. The coin will be overcollateralized, meaning it will hold more in reserves than the total supply of tokens issued—adding a further layer of financial security.

While test tokens currently hold no monetary value, they are being used to validate WYST’s infrastructure across multiple networks. This testing period will also allow the commission to fine-tune the token’s smart contracts and risk management systems ahead of the mainnet launch. The initiative follows the Wyoming Stable Token Act, passed in March 2023, which laid the legal groundwork for this pioneering financial instrument.

Governor Gordon emphasized Wyoming’s leadership in digital asset innovation, stating the state is now a model for blockchain legislation and financial modernization. With its forward-thinking regulatory framework, Wyoming continues to set the pace in America’s evolving crypto ecosystem, offering a real-world example of how state-backed digital currencies could operate securely, transparently, and for the public good.

If the final phase of testing proceeds without issue, WYST will be the first official state stablecoin in the U.S., marking a historic leap in the integration of government and blockchain finance.