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Wyoming State Gears Towards Launching a Stablecoin This Year
The token is currently being tested on multiple blockchains, aiming to launch in July, state officials said at the DC Blockchain Summit
What to know:
- Wyoming is planning to launch a stablecoin, potentially the first fiat-backed token issued by a public entity in the U.S., by July.
- The Wyoming Stable Token (WYST) is currently being tested on multiple platforms, including Avalanche, Solana and Ethereum, in collaboration with blockchain interoperability firm LayerZero.
- Stablecoins, blockchain-based tokens with a fixed price predominantly to the U.S. dollar, are gaining popularity for payments and remittances, with a market value of nearly $230 billion.
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 LayerZero, a blockchain interoperability firm, to facilitate token deployment across these networks, said Wyoming Stable Token Commission Executive Director Anthony Apollo on stage.
STORY CONTINUES BELOW
Speaking at the event, Governor Mark Gordon and Apollo said that the token's testing phase will continue through the second quarter, with a potential full launch targeted for July.
BREAKING: U.S. STATE OF WYOMING PLANS TO LAUNCH ITS OWN STABLECOIN
— DEGEN NEWS (@DegenerateNews) March 26, 2025
pic.twitter.com/RZKYwn1Wq0
“The next phase of testing and customizing smart contracts is an imperative step towards delivering the best product for Wyoming and stable token holders,” said Anthony Apollo. “Once launched, WYST will grant holders the ability to transmit dollar-denominated transactions of any value, anywhere in the world, nearly instantly, with significantly reduced fees compared to traditional ACH or wires.”
Stablecoins are one of the fasting-growing crypto sectors with now nearly $230 billion market value. They are blockchain-based tokens with a fixed price, predominantly to the U.S. dollar, and increasingly popular for payments and remittances. Buzz around the asset class accelerated over the past months as the Trump administration elevated stablecoin regulation to the top of its crypto agenda, with bills advancing in both the House of Representatives and the Senate.
Read more: U.S. House Stablecoin Bill Poised to Go Public, Lawmaker Atop Crypto Panel Says
Global banks and digital asset firms are keen to capitalize on the opportunity. Asset management behemoth Fidelity Investments reportedly develops a stablecoin, while World Liberty Financial (WLFI), a decentralized finance protocol backed by President Donald Trump, confirmed it too has plans to offer a stablecoin.
Krisztian Sandor
Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University's business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.
