Governor Mark Gordon, Chairman of the Wyoming Stable Token Commission, announced that Wyoming is to launch the first government-backed stablecoin in the United States, named the Wyoming Stable Token (WYST), in July 2025.

Image Source: Sei

This innovative digital currency aims to revolutionize financial transactions while reinforcing Wyoming's position as a leader in blockchain technology. The WYST stablecoin will be fully backed by U.S. Treasuries, cash, and repurchase agreements, ensuring its stability and reliability. Governor Mark Gordon said that the token will maintain a capitalization requirement of at least 102%, which means that for every WYST token issued, there will be $1.02 held in reserve. 

Commission’s Executive Director Anthony Apollo said that “ The Wyoming Stable Token is not just about fortifying the dollar; it’s about laying the foundation for a new era of financial infrastructure. From public transparency to potential future applications like tokenized commodities and real estate, this project positions Wyoming as a global leader in blockchain technology”. He also stated that “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”.

Wyoming Stable Token Commission:

Image Source: Wyoming Stable Token Commission

The Wyoming Stable Token Commission was established in March 2023 under the Wyoming Stable Token Act, with the primary goal of issuing fully-backed stablecoins that comply with state laws and promote fiscal responsibility. The Commission aims to enhance financial transparency and stimulate economic growth through blockchain innovation.

Governor Mark Gordon was elected as the Chairman of the Commission, he has championed over 30 legislative measures related to cryptocurrency and blockchain in Wyoming. Before his governorship, Gordon held the position of State Treasurer, where he earned recognition for his management of Wyoming’s sovereign funds, achieving top rankings for transparency.

In September 2023, Anthony J. Apollo was appointed as the Executive Director of the Commission. With a background in traditional finance and digital assets, Apollo is well-positioned to lead the development of the first fiat-backed stable token issued by a public entity in the U.S.

Wyoming Stable Token Act:

The Wyoming Stable Token Act, enacted in March 2023, establishes the framework for Wyoming's state-issued stablecoin, known as the Wyoming Stable Token (WYST). This groundbreaking legislation allows the Wyoming Stable Token Commission to issue WYST, which will be pegged to the U.S. dollar and fully backed by reserves in cash and U.S. Treasury securities. The Act mandates that all funds from the token issuance be placed in a trust account, ensuring stability and security for users.

Partnership with LayerZero:

Image Source: LayerZero

LayerZero, a prominent blockchain interoperability protocol, has been selected as the issuance partner for WYST. The collaboration will enable Wyoming to leverage LayerZero's advanced technology to facilitate the stablecoin's deployment across various blockchain networks. Currently, the state is testing WYST on multiple platforms, including Ethereum, Solana, Avalanche, Arbitrum, Optimism, Polygon, and Base. These tests aim to assess the token's performance and ensure its seamless operation within different blockchain environments.

The initiative is part of a broader effort by Wyoming to embrace digital assets and blockchain technology. The state has passed over 45 pieces of legislation since 2016 aimed at fostering innovation in this sector. By issuing a fiat-backed stablecoin, Wyoming hopes to attract businesses and talent in emerging fields such as artificial intelligence and energy while generating new revenue streams through interest earned from its reserve assets.