Wyoming State Plans Launch of First Fiat-Backed Stablecoin This Year
Wyoming plans to launch the Wyoming Stable Token (WYST) later this year, potentially the first fiat-backed stablecoin issued by a U.S. public entity. Key details include:
- The token is currently being tested on multiple blockchain networks: Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon, and Coinbase's Base testnets.
- Testing will continue through Q2, with a full launch aimed for July.
- WYST will enable dollar-denominated transactions globally with lower fees compared to traditional methods.
Stablecoins now have a market value of nearly $230 billion, growing in popularity for payments and remittances. Recent regulatory focus from the Trump administration has elevated discussions around stablecoin legislation.
Additionally, major firms like Fidelity Investments and World Liberty Financial are also developing their own stablecoins.