Wyoming to Launch State-Backed WYST Stablecoin in July 2025
Wyoming plans to launch a stablecoin, WYST, in July 2025, partnering with LayerZero for its issuance. Key aspects include:
- WYST will be pegged to the U.S. dollar.
- Backed by cash, U.S. Treasury bonds, and repurchase agreements.
- 102% reserve requirement for each issued token.
- This will be the first government-issued stablecoin in the U.S.
- Nine blockchains are under consideration, including Ethereum, Solana, and Polygon.
- The project aims to test stablecoin technology on a small scale.
Governor Mark Gordon announced the initiative at the DC Blockchain Summit. The project's funding model relies on interest from WYST’s reserves for public services, avoiding new tax requirements.
Concerns exist among fiscal conservatives regarding the use of existing state investments for the stablecoin. Wyoming controls approximately $31 billion in assets, potentially allowing for financing without additional funds.
LayerZero emphasized the significance of a U.S. state adopting blockchain for currency. The success of WYST could influence other states and demonstrate how digital tools can enhance public finance.
President Trump's recent comments highlight stablecoins' potential role in maintaining the U.S. dollar's global influence, reinforcing the importance of Wyoming's initiative.