The US state of Wyoming is set to become the first in the US to launch a stablecoin fully backed by fiat currency.
Dubbed WYST, the new digital currency is expected to launch by July and will be backed by cash, US Treasuries and repurchase agreements. By law, WYST will maintain a reserve ratio of at least 102%.
The news was announced during the DC Blockchain Summit and highlighted by Governor Mark Gordon, who criticized the slow pace of banks in adopting stablecoins.
“I don’t think there are any banks that have been really eager, right? To get in,” he commented. He also revealed that Jamie Dimon, CEO of JPMorgan, has already suggested that Wyoming would be the ideal location for this type of regulatory innovation.
Wyoming to launch fiat-backed stablecoin
$WYST
by July 2025. Wyoming would be the first US state to issue its own government-backed cryptocurrency
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March 26, 2025
The project aims to generate new sources of revenue for the state.
Interest earned on WYST reserves will be directed to sectors such as education and infrastructure. In addition, the currency could benefit the agricultural sector. “It could also be a tool that farmers and ranchers can use to develop new markets,” Gordon said.
WYST will be pegged to the dollar and will operate with the same structure as other stablecoins, maintaining a 1:1 parity.
The stablecoin market is booming in the United States, with companies like Visa, Stripe, and PayPal developing their own initiatives. Texas and Utah are also considering similar initiatives, but Wyoming is leading the way with more than 45 laws related to the sector since 2016.
The commission responsible for the currency is still studying which blockchain will be used, considering options such as Ethereum, Solana and Polygon.
According to Anthony Apollo, who leads the Wyoming Stable Tokens Commission, “the framework we have built over the last few years is probably richer and more robust than the one in Washington alone.”