thecryptobasic.com
The highly anticipated launch of the Wyoming stablecoin might happen in the early phase of this year’s second half.
Mark Gordon, the Governor of Wyoming, confirmed this during a speech at the DC Blockchain Summit. He said the Wyoming stablecoin (WYST) might go live in July following a rigorous testing phase across seven blockchains. They include Solana, Ethereum, Avalanche, Polygon, Optimism, Arbitrum, and Base.
Once they finalize testing, WYST might launch on the mainnet version of the aforementioned blockchains in the coming months. With Gordon announcing the potential launch date of WYST, the Wyoming Stable Token Commission unveiled LayerZero as the stablecoin’s development and distribution partner.
The governor referred to WYST as the first fiat-backed stablecoin from a public entity in the U.S. WYST’s launch could set a precedent for other U.S. states that might be eyeing a similar move.
Wyoming Stablecoin Initiative
Wyoming first proposed the stablecoin in February 2022 through a state-backed bill, the Wyoming Stable Token Act. Interestingly, the state’s Senate supported the bill’s passage, which was later signed into law in March 2023.
Afterward, Wyoming recruited top executives and officers to develop the stablecoin, with Gordon suggesting a potential launch window of Q1 2025.
Notably, the state was only able to roll out the test version of the stablecoin on seven blockchains in the first quarter of the year. It expects the mainnet launch to happen by July 2025.
WYST Features
WYST is a stablecoin pegged to the U.S. dollar at a 1:1 ratio. It will be backed by cash equivalents, repurchase agreements, and U.S. Treasuries upon its launch.
Anthony Apollo, the Executive Director of the Wyoming Stable Token Commission, expects WYST to enable users to facilitate near-instant transactions with relatively low fees.
US Edges Close to Welcoming First Stablecoin Regulation
Meanwhile, stablecoins have garnered significant attention since the U.S. moved closer to having its first stablecoin regulation through the GENIUS Act.
As previously reported, the Senate Banking Committee approved the bill with bipartisan support earlier this month, advancing it to the full Senate for another round of votes.
The odds of the GENIUS Act’s passage in the full Senate soared last week after President Donald Trump urged U.S. lawmakers to pass “all sensible dollar-pegged stablecoin regulation.”
Once the U.S. has a regulatory framework for stablecoins at the federal level, some states might introduce similar regulations or follow Wyoming’s lead in launching their own dollar-pegged stablecoins.