Wyoming Governor Mark Gordon announced the development of the state’s stablecoin with the ticker WYST. The launch of the new digital asset is scheduled for July 2025, following successful testing on several blockchains.
This is reported by Business • Media
Stablecoin WYST: Launch Details
During his speech at the DC Blockchain Summit 2025, the governor emphasized that Wyoming will be the first U.S. jurisdiction to issue a fiat-backed stablecoin. He noted that:
“I don’t think there are banks that would be really interested, are there? To enter this space. Jamie Dimon recently expressed his thoughts, and I remember telling him: you know, if you’re going to do something, you should do it in Wyoming because we have the right framework for it.”
The WYST stablecoin is set to launch in July, after testing on seven blockchains, including Solana, Ethereum, Avalanche, Polygon, Optimism, Arbitrum, and Base. The Wyoming Stable Token Commission is collaborating with LayerZero to develop test tokens.
Financial Structure and Goals of the Stablecoin
WYST will be backed by U.S. Treasury bonds, cash, and repurchase agreements (REPO), with a capitalization level not falling below 102%. The profits from the reserves are planned to be used to fund educational and infrastructure projects in the state. Additionally, this stablecoin could become an important financial tool for farmers in developing new markets.
In February 2022, state legislators introduced a bill for the Wyoming Stable Token, aimed at creating a stablecoin pegged to the U.S. dollar. After the bill was signed into law in March 2023, the state treasury began forming a team of professionals to manage the new digital assets.
Wyoming positions itself as a cryptocurrency hub, seeking to attract new investments and reduce reliance on fossil fuel revenues. In recent years, the state has passed over 45 laws regulating the cryptocurrency industry, and more than 1,000 companies have registered in Wyoming.
However, the results of these initiatives have been mixed: in 2023, the state invested $2 million in crypto projects, yielding only $473,000 in profit. In January 2025, state legislators introduced a bill to establish a cryptocurrency reserve, hoping to improve the situation.