Wyoming State University Prepares to Launch Stablecoin This Year
The token is currently being tested on several blockchains and is scheduled to be released in July, government officials said at the DC Blockchain Summit.
Christian Sandor | Edited by Nikhilesh De Updated Mar 26, 2025 20:30 UTC Published Mar 26, 2025 20:27 UTC
What you should know:
- Wyoming is set to introduce a stablecoin by July, potentially making it the first fiat-backed token issued by a government entity in the U.S.
- Wyoming Stable Token (WYST) is currently being tested on various platforms such as Avalanche, Solana, and Ethereum in collaboration with blockchain interoperability company LayerZero.
- Stablecoins are blockchain-based tokens with a fixed price, mostly pegged to the US dollar, that are becoming increasingly popular for payments and remittances, with a market value of nearly $230 billion.
The state of Wyoming is taking steps to introduce a stablecoin later this year that could be the first fully fiat-backed token issued by a public entity in the U.S., state officials announced at the DC Blockchain Summit on Wednesday.
According to a press release, the Wyoming Stable Token (WYST) is currently being tested on Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon, and Coinbase's Base testnets. The state is partnering with LayerZero, a blockchain interoperability company, to facilitate the token's deployment on these networks, Wyoming Stable Token Commission Executive Director Anthony Apollo said on stage.
During the event, Governor Mark Gordon and Apollo noted that the token's testing phase will continue into the second quarter, with a full launch expected in July.
BREAKING: WYOMING, USA PLANS TO LAUNCH ITS OWN STABLECOIN
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“The next phase of testing and tuning smart contracts is a key step in ensuring the best possible product for Wyoming and stablecoin holders,” said Anthony Apollo. “Once launched, WYST will provide holders with the ability to transact any amount of dollar value to anywhere in the world almost instantly, with significantly reduced fees compared to traditional ACH or wire transfers.”
Stablecoins are one of the fastest-growing segments of cryptocurrency, with a market value now around $230 billion. They are blockchain-based tokens with a fixed price, primarily against the U.S. dollar, and are increasingly used for payments and remittances. Interest in the asset class has increased in recent months as the Trump administration has placed regulation of stablecoins at the center of its crypto agenda, with bills advancing in both the House and Senate.
Read more: US House Stablecoin Bill Ready for Public Offering, Says Lawmaker Who Heads Cryptocurrency Committee
Global banks and digital asset companies are racing to seize the opportunity. Asset management giant Fidelity Investments is reportedly developing a stablecoin, while World Liberty Financial (WLFI), a decentralized financial protocol backed by President Donald Trump, has confirmed
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