The state of Wyoming is preparing to launch a stablecoin this year.

The token is currently being tested on multiple blockchains, with the goal of launching in July, state officials said at the DC Blockchain Summit.

The state of Wyoming is taking steps towards the launch of a stablecoin later this year, which could be the first fiat-backed and fully reserved token issued by a public entity in the U.S., state officials said at the DC Blockchain Summit on Wednesday.

The Wyoming Stable Token (WYST) is currently being tested on the Avalanche, Solana, Ethereum, ARBITRUM, Optimism, Polygon, and Coinbase Base test networks, according to a press release. The state is working with LayerZero, a blockchain interoperability company, to facilitate the implementation of tokens on these networks, said Anthony Apollo, the executive director of the Wyoming Stable Token Commission, on stage.

Speaking at the event, Governor Mark Gordon and Apollo said that the testing phase of the token will continue during the second quarter, with a possible full launch expected in July.

“The next phase of testing and smart contract customization is a crucial step in delivering the best product to Wyoming and stable token holders,” said Anthony Apollo. “Once launched, WYST will allow holders to transact in dollars of any value, anywhere in the world, almost instantly, with significantly reduced fees compared to traditional wire transfers or ACH.”