Wyoming Set to Issue “Stablecoin” Fully Backed by U.S. Treasury Securities, Cash, and Repurchase Agreements

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Wyoming Stablecoin

Wyoming Stablecoin Committee

Gordon praised the Wyoming government for its rapid development and efficient application of blockchain technology during his speech. Anthony Apollo, Executive Director of the Wyoming Stablecoin Committee, also confirmed: “The Stablecoin Committee has officially partnered with LayerZero as our token development and issuance partner. Currently, the Wyoming stablecoin is operational on multiple test networks.”

According to reports, the token is named “WYST” and will be fully backed by U.S. Treasury securities, cash, and repurchase agreements, maintaining a capitalization requirement of at least 102%. Wyoming plans to generate new revenue through the interest income from reserve assets to fund education and infrastructure. Governor Mark Gordon stated that the token could also assist farmers and ranchers in developing new markets.

The Wyoming stablecoin project can be traced back to February 2022, when Wyoming legislators proposed the Wyoming Stable Token Act, aimed at establishing a state government stablecoin pegged 1:1 to the U.S. dollar and redeemable for fiat currency. The bill was officially signed into law in March 2023, allowing the Wyoming Department of Treasury to assemble a team of professional accountants, auditors, and technical experts responsible for issuing and managing the state’s stablecoin supply. Following the passage of the bill, Wyoming began recruiting officials and senior management to establish the Stablecoin Committee, dedicated to researching and developing the state’s stablecoin.