Wyoming’s stablecoin initiative reached a critical juncture as the Wyoming Stable Token (WYST) officially entered its testing phase across multiple blockchain platforms.

The announcement was made during a fireside chat between Governor Mark Gordon and Executive Director Anthony Apollo at the DC Blockchain Summit, signaling Wyoming’s continuing leadership in digital asset innovation.

Live Testing on Major Blockchain Networks

According to the Wyoming Stable Token Commission, (WYST) is now live in test mode on Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon, and Base. These blockchain networks host preliminary, value-less versions of the token to assess functionality, scalability, and interoperability. The test deployments are supported by LayerZero Labs, whose Omnichain Fungible Token (OFT) standard enables seamless cross-chain compatibility.

A First in the U.S.: Fiat-Backed and Fully Reserved

(WYST) is poised to become the first fully reserved, fiat-backed stable token issued by a U.S. public entity. Governor Gordon emphasized the project’s transparency and fiscal responsibility, noting its legal requirement to be over-collateralized with U.S. Treasuries and cash.

Interest generated from these reserves will benefit Wyoming’s school foundation fund, reflecting the state’s goal of aligning financial innovation with public good.

LayerZero’s Role and Bridging Capabilities

LayerZero Labs, a key technical partner, praised the collaboration and reiterated its commitment to delivering secure, multichain infrastructure. “We are excited for the opportunity to collaborate with the Commission on this historic initiative,” said Simon Baksys, VP of Business Development at LayerZero. Furthermore, a successful test transaction between Ethereum and Avalanche was conducted using Stargate, demonstrating the token’s bridging capabilities.

Next Steps Toward Full Deployment

Looking ahead, the Commission plans to continue developing WYST’s reserves management system and internal controls, with further vendor engagement underway. The testing phase will extend through Q2 of 2025, with a target launch set for July.

Global Payments Vision for WYST

As Director Apollo explained, (WYST) aims to enable fast, low-cost, dollar-denominated transactions globally, bypassing the limitations of traditional payment systems.

The token is part of Wyoming’s broader mission to lead in blockchain policy and infrastructure, offering a model for other states considering similar paths in digital finance.

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