Wyoming to launch first state-issued stablecoin on LayerZero

Wyoming is preparing to launch its stablecoin on Layerzero, called the stable Wyoming token, perhaps by July 2025.

According to the official announcement On March 26, the Wyoming Stable Token Commission, which will supervise the launch, joined Layerzero (Zro) to develop and distribute the token. At the top of the DC blockchain, the governor of Wyoming, Mark Gordon and the executive director of the Commission, Anthony Apollo, revealed that Wyst had entered his test phase.

Stablecoin issued by the state was deployed on testnets for avalanche (Avax), Solana (GROUND), Ethereum (Ethn), and more blockchains. These test tokens have no real value yet, but they help ensure that the system is working properly before the official launch.

Wyst will be fully supported by cash titles and the titles of the US Treasury to ensure stability. The interests of these reservations will be transferred to the Wyoming school foundation fund to ensure that the stable benefits the state. To ensure that it maintains its value, WYST will have more reserves than the total number of tokens issued because it will be overdoors.

Governor Gordon stressed that Wyoming is a leader in the use of blockchain technology and that state commitment to financial innovation gives the example to other states.

“Our avant-garde approach to blockchain and legislation on digital assets has positioned Wyoming as a model not only for other states, but also the federal government.”

– Mark Gordon, governor of Wyoming

Regarding the choice of blockchain, the commission has settled on the Layerzero omnichain token standard, because it will allow Wyst to operate transparently on several blockchains. This reduces security risks by allowing users to move WYST between networks without depending on centralized bridges.

A recent test transaction has shown that Wyst moving between Ethereum and Avalanche using Stargate, a bridge powered by the layer. However, any compatible interface will be able to support WYST transfers.

Wyoming legislators have been working on stablecoin since passage The Wyoming Stable Token Act in March 2023. The Commission will continue to refine the smart contracts of Wyst and the risk management framework. If the tests take place as planned, the stablecoin could be launched in July 2025.