The Wyoming plan to launch a stablecoin called WYST in July 2025, is the first state-backed cryptocurrency in the United States. WYST will be fully backed by U.S. Treasury bonds, 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. Currently, WYST has entered a multi-chain testing phase, deployed on testnets such as Avalanche, Solana, and Ethereum, with testing expected to continue until the second quarter of 2025. The token may be launched on the Ethereum or Solana network. Each WYST represents and can be redeemed for one dollar held in custody by the state, and this token will only be used for dollar redemption. Wyoming hopes to develop new markets for farmers and ranchers through the issuance of WYST and inject new sources of revenue into the state education fund.