Wyoming Eyes July Launch for First State-Issued Fiat-Backed Stablecoin

Wyoming is poised to make history as the first U.S. state to launch a publicly issued, fiat-backed stablecoin. Officials revealed at the DC Blockchain Summit that the Wyoming Stable Token (WYST) could fully launch by July 2025, following a multi-chain testing phase.

The WYST is currently being trialed on leading blockchain networks, including Ethereum, Solana, Avalanche, Arbitrum, Optimism, Polygon, and Coinbase’s Base. The state has partnered with LayerZero, a blockchain interoperability provider, to enable seamless cross-chain deployment.

According to Anthony Apollo, Executive Director of the Wyoming Stable Token Commission, the token is designed to allow dollar-denominated transactions to be sent globally, instantly, and with drastically lower fees than traditional wire or ACH methods. He emphasized that customizing smart contracts is a vital next step to ensure reliability and efficiency for future users.

Governor Mark Gordon joined Apollo at the summit, highlighting Wyoming's leadership in blockchain innovation. The ongoing testing is expected to continue through Q2 2025, with a full rollout anticipated this summer.

Stablecoins, digital assets pegged to fiat currencies like the U.S. dollar, now represent a market worth nearly $230 billion. Their use in payments and remittances continues to rise, especially amid growing political and regulatory attention. The Trump administration has prioritized stablecoin legislation, fueling broader adoption and interest from both traditional financial institutions and crypto-native players.

Notably, Fidelity Investments and World Liberty Financial (WLFI)—a DeFi project linked to President Trump—are reportedly working on stablecoin initiatives of their own, further signaling the sector's rapid expansion and competitive landscape. Wyoming’s WYST could mark a pivotal moment in the evolution of state-backed digital currencies in the U.S.