On March 27, 2023, the Wyoming stablecoin WYST entered the multi-chain testing phase, deployed on testnets such as Avalanche, Solana, and Ethereum, with plans for an official launch in July. This stablecoin is issued by a public entity and is the first fiat-backed, fully reserved stablecoin project in the United States, ensuring value stability through an over-collateralization mechanism with cash and U.S. Treasury bonds, while injecting interest into the state education fund. Partners include LayerZero and Stargate, aimed at promoting innovative applications in Wyoming's blockchain sector. The launch of WYST marks a further integration of traditional financial systems and decentralized technology, with its transparent reserve mechanism and compliance design potentially providing a new paradigm for the stablecoin market.