On March 26, 2025, Wyoming, USA announced that its stablecoin WYST has entered the multi-chain testing phase, with plans to officially launch in July, becoming the first fiat-backed, fully reserved stablecoin issued by a public entity in the United States. WYST is led by the Wyoming Stablecoin Committee and developed in collaboration with LayerZero, using cash, treasury bonds, and repurchase agreements to achieve a 1:1 peg to the US dollar, with a capitalization requirement of at least 102% to ensure stability. The testing covers nine major blockchains including Avalanche, Solana, and Ethereum, aiming to optimize smart contracts and cross-chain functionality. Governor Mark Gordon stated that WYST will not only enable low-cost, near-instant transactions but will also fund public projects such as education through interest on reserve assets. Users on platform X have reacted enthusiastically, with some optimistic about its innovative potential, believing it may drive a new regulatory landscape for cryptocurrency; others question its long-term value, expressing concerns about the impact of US dollar depreciation. The launch of WYST signifies Wyoming's leading position in the blockchain space, and its success or failure may provide a reference for other states and institutions.