While the US stablecoin law GENIUS was eagerly awaited, the first move came from Wyoming.
Wyoming Governor Mark Gordon said at the DC Blockchain Summit that the state is preparing to launch its long-planned stablecoin in the coming months.
Gordon stated that the stablecoin is targeted for launch in July after a series of tests.
Wyoming has become the first state in the country to launch its own stablecoin, selecting LayerZero (ZRO) as the token issuance partner for its fully-reserved stablecoin WYST.
“Our forward-thinking approach to blockchain and digital asset regulation has made Wyoming a model not only for other states, but also for the federal government.
“To ensure stability, WYST will be fully backed by cash and U.S. Treasury securities. To ensure it maintains its value, WYST will be over-collateralized and will hold more reserves than the total number of tokens issued.”
Wyoming Stablecoin Commission Executive Director Anthony Apollo confirmed the launch of WYST, saying:
“The Stablecoin Commission has officially appointed LayerZero as our token development and distribution partner, and we have the Wyoming stablecoin on several testnets.”
WYST will be issued on multiple blockchains at launch, including Ethereum (ETH), Arbitrum (ARB), Avalanche (AVAX), Base (BASE), Optimism (OP), Polygon (POL), and Solana (SOL).
Wyoming, represented by bitcoin supporter Sen. Cynthia Lummis, has a history of embracing innovation in digital assets and has been planning a state-issued stablecoin for years.
As you may recall, US President Donald Trump, speaking at the Digital Asset Summit recently, called on Congress to pass stablecoin legislation. Trump believes that this regulation could support organizations that want to enter the field.
*This is not investment advice.
