- Wyoming plans to launch its own fully backed stablecoin, WYST, by July.
- The token will be backed by U.S. Treasuries and aims to generate revenue for public programs.
- Wyoming is exploring blockchains like Ethereum and Solana to host WYST, with final selection pending.
In a move that’s bound to stir things up, Wyoming is getting ready to launch its very own stablecoin—yep, a state-issued cryptocurrency. Governor Mark Gordon announced Wednesday that the coin, called WYST, could drop as soon as July. If it happens, it’d be the first-ever fiat-backed, fully reserved stable token issued by a U.S. state.
What’s Backing It? Treasuries and Cash, Mostly
The WYST token isn’t just another crypto pipedream. According to the state, it’ll be fully backed—meaning U.S. Treasury cash and repurchase agreements will sit behind every token. On top of that, there’s a built-in 102% capitalization requirement. Basically, they’re saying, “We’re not just covered. We’re over-covered.”
Wyoming’s hoping WYST becomes more than just a digital dollar. Interest from reserve assets (the ones backing the token) could turn into funding for public stuff—think education, roads, that kind of thing. New tech, old problems, potential solutions?
Banks Aren’t Rushing In… But Wyoming Is
“I don’t think there’s any banks that have been really eager, right? To jump in,” said Governor Gordon at the DC Blockchain Summit. He even name-dropped Jamie Dimon, CEO of JPMorgan, who’s been toying with digital currency ideas of his own. Gordon added, “If you’re gonna do something, you should really do it in Wyoming because we have a framework to do it.”
And it’s not just for finance bros. The governor thinks WYST could help farmers and ranchers “develop new markets.” Not your average stablecoin pitch.
A Growing National Trend — States Go Crypto
Stablecoins have been on everyone’s radar lately. Dollar-pegged tokens that (ideally) match 1:1 with the greenback—they’ve become a sort of holy grail in U.S. crypto chatter. Since Trump returned to the political stage, more states have started flirting with the idea. Just this week, his initiative—World Liberty Financila (WLFI)—launched a stablecoin of its own: WLF1.
But Wyoming’s move is different. This isn’t just a project. It’s a government-issued token.
Wait… Didn’t Wyoming Just Vote Against Crypto Reserves?
Yeah, funny thing. Earlier this year, Wyoming shot down a proposal to set up crypto reserves. Too risky, they said. Too volatile. Meanwhile, Senator Cynthia Lummis was trying to get the whole country onboard with the idea.
Now? They’re turning around and building their own coin. It’s a bit of a pivot, but one that shows Wyoming’s still serious about being a crypto-forward state—even if they change course midstream.
Where Will WYST Live? Blockchain TBD
As for what blockchain the coin will actually run on, nothing’s set in stone. Wyoming’s considering nine networks—names like Ethereum, Solana, Polygon are in the mix. No matter who gets the nod, you can bet they’ll get a surge of attention (and probably a lot of tweets) from the crypto crowd.
There’s even talk that the chosen chain might end up hosting a future U.S. Treasury blockchain. Now that’s something to keep an eye on.
