#WYSTStablecoin

The State of Wyoming has officially begun testing the stablecoin issued by its state, known as the Wyoming Stable Token (WYST), on several blockchain networks. This has the potential to be the first fully reserved fiat-backed stablecoin issued by a US public entity.

The announcement was made on March 26, with Wyoming officials sharing more details during a casual chat at the DC Blockchain Summit.

Wyoming Governor and Chair of the Stable Token Commission Mark Gordon and Executive Director Anthony Apollo discussed the state's leadership in blockchain regulation and digital asset innovation.

Apollo confirmed that WYST has been used on test networks for Ethereum, Solana, Avalanche, Arbitrum, Optimism, Polygon, and Base, using worthless tokens for initial testing.

WYST is designed to comply with legal requirements mandating over-collateralization using cash and US Treasury. The interest generated from these reserves will be deposited into the Wyoming School Foundation Fund, reinforcing the broader state-level utility for the initiative.