Wyoming stable token makes historic step
Gov. Mark Gordon, chairman of the Wyoming Stable Token Commission (WSTC), announced on March 20 Wyoming is making significant strides toward the launch of the Wyoming Stable Token (WYST).
Gordon’s announcement came after the monthly seven-member commission meeting, which included an executive session.
According to the press release, testing is expected to begin in coming weeks for the first fiat-backed and fully-reserved stable token issued by a public entity in the U.S.
WYST seeks to enhance financial transactions and further establish Wyoming’s position as a leader in blockchain innovation and anticipates a launch date in July 2025.
“WYST is designed to be a digital representation of the U.S. dollar, fully backed by U.S. Treasuries, cash and repurchase agreements. It will maintain a statutory requirement of not less than 102 percent capitalization to bolster stability,” Gordon announced. “The token will operate on blockchain technology, offering transparency, security and efficiency in financial transactions.”
Moving forward
Wyoming’s proactive efforts in advancing blockchain legislation have established the state as a prominent leader in the realm of digital assets.
Since 2016, the state has passed over 45 pieces of sector-specific legislation, including outlines for Special Purpose Depository Institutions and Decentralized Autonomous Organizations, demonstrating Wyoming is setting the standard for innovation in this competitive space.
“Our forward-thinking legislators and policymakers have laid the foundation for Wyoming to lead in digital innovation. The launch of WYST will not only reinforce Wyoming’s position as a leader in digital assets, but also demonstrate how thoughtful regulation can translate into real-world implementation,” Joel Revill, WYST commissioner and chief executive officer of Two Ocean Trust, recounts in the press release.
Wyoming, known for its strong energy and tourism industries, is expected to generate new revenue streams from WYST through interest earned from its reserve assets – funds which can be used to support education and infrastructure.
The initiative is designed to foster an environment which attracts both businesses and talent in emerging sectors, including artificial intelligence and energy.
“Following an extensive and months-long procurement process, with results shared in the public forum, the Commission’s Evaluation Committees (CEC) have completed scoring and ranking qualified vendors,” the press release states.
Currently, the CEC is in the process of negotiating contracts with the top-ranked participants. Once agreements are in place, these partners will support the development of the stable token and infrastructure required for its management and monitoring, Gordon reports.
Partners
According to the press release, nine candidate blockchain platforms – including layer-one networks Solana, Ethereum, Avalanche, Sui, Stellar and layer-two networks such as Polygon, Arbutrium, Base and Optimism – are under consideration for hosting WYST.
“The CEC will work with partners to test tokens on these networks before determining which chain to utilize at launch, potentially exploring a multi-chain deployment,” reads the governor’s press release.
New amendments to the procurement rules for rolling qualifications have been added, allowing the review and inclusion of additional blockchains which previously lacked the required capabilities.
“This initiative underscores Wyoming’s commitment to transparency and innovation,” says Gordon. “By leveraging blockchain technology, we aim to create a secure and efficient financial ecosystem benefiting both individuals and businesses.”
“WYST 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,” states WSTC Executive Director Anthony Apollo, highlighting broader implications of the initiative.
Test phase
At D.C. Blockchain Summit 2025, hosted by the Digital Chamber and held at the Capital Turnaround in Washington, D.C on March 26, Apollo moderated a discussion with Gordon, highlighting Wyoming’s pioneering role in digital asset innovation and marking a significant milestone.
During the fireside discussion, Apollo announced WSTC has entered its testing phase across several blockchain networks, a key step towards launching the first fiat-backed and fully-reserved stable token issued by a public entity in the U.S.
Apollo states, “As of today, we have exciting news to share – WYST is formally engaged with LayerZero to be its token development and distribution partner.”
Gordon emphasizes Wyoming’s commitment to transparency and innovation, underscoring the potential of blockchain technology to create a secure and efficient financial ecosystem.
“We are thrilled to share Wyoming’s vision for state leadership in the nation’s capital,” Gordon notes. “Our forward-thinking approach to blockchain and digital asset legislation has positioned Wyoming as a model, not only for other states but the federal government as well.”
Gordon highlights the benefits of WYST for both the state and its users, including a statutory requirement to over-collateralize the stable token’s backing with cash and U.S. Treasuries to mitigate the risk of de-pegging and the deposit of interest derived from those treasuries into the state’s school foundation fund.
Apollo and Gordon note WSTC will continue its vendor engagement process to establish other key aspects of WYST deployment and management, including standing up a reserves management function and building a robust internal controls framework, amongst other features.
“The next phase of testing and customizing smart contracts is an imperative step towards delivering the best product for Wyoming and stable token holders,” Apollo adds. “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.”
Melissa Anderson is the editor of the Wyoming Livestock Roundup. Send comments on this article to roundup@wylr.net.
