Wyoming is moving closer to launching its state-backed stablecoin, WYST, on LayerZero, with a possible release by July 2025. The Wyoming Stable Token Commission, overseeing the project, has partnered with LayerZero to develop and distribute the token.

Governor Mark Gordon and commission executive director Anthony Apollo confirmed at the DC Blockchain Summit that WYST has entered its testing phase.

The stablecoin has been deployed on testnets for Avalanche, Solana, Ethereum, and other blockchains. WYST will be fully backed by cash and US Treasury securities, with interest from reserves allocated to Wyoming's school foundation fund.

To maintain stability, it will be overcollateralised. The reserves will exceed the total number of tokens issued.

Governor Gordon emphasised Wyoming's leadership in blockchain innovation, highlighting the state's progressive digital asset legislation.

The commission chose LayerZero's Omnichain Fungible Token standard to enable seamless transfers across multiple blockchains.

The commission continues refining WYST's smart contracts and risk management framework, with a launch expected by mid-2025 if testing proceeds as planned.