WYST's launch is part of a broader trend to integrate blockchain technology into mainstream finance, appealing to both the crypto community and regulators.

The announcement was made by Governor Mark Gordon during a fireside chat at the DC Blockchain Summit on March 26, 2025, highlighting Wyoming's commitment to blockchain innovation.

In his speech, Governor Gordon emphasized Wyoming's supportive environment for innovation, prioritizing progress over regulation while maintaining a transparent framework.

The stablecoin market is rapidly expanding, now valued at nearly $230 billion, attracting attention from global banks and digital asset firms.

The introduction of WYST could set a precedent for other states in the U.S. to follow suit in adopting digital currencies.

Wyoming is set to launch its own cryptocurrency, WYST, by mid-2025, positioning itself as the first state to issue a stablecoin backed by public funds in the U.S.

Wyoming anticipates that the WYST stablecoin will generate new revenue streams, with proceeds aimed at funding education and infrastructure projects.

WYST will be fully backed by U.S. Treasuries, cash, and repurchase agreements, ensuring a minimum capitalization of 102%.

Once operational, WYST will be redeemable for $1 and managed by a trust fund that invests in cash and U.S. Treasury bills.

Holders of WYST will benefit from lower transaction fees for dollar-denominated transfers globally, making it a digital public good accessible to Wyoming residents.

The stablecoin is currently undergoing testing on multiple blockchain networks, including Ethereum and Solana, with LayerZero facilitating its deployment.

Anthony Apollo, Executive Director of the Wyoming Stable Token Commission, stressed the importance of testing and customizing smart contracts for WYST's development.