#WYSTStablecoin 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 by the end of this year, which could be the first fully reserved fiat-backed 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 Wyoming Stable Token Commission CEO Anthony Apollo on stage.

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

“The next phase of testing and customization of smart contracts is a critical step to deliver the best product to Wyoming and stablecoin holders,” said Anthony Apollo. “Once launched, WYST will enable holders to make transactions in dollars of any value, anywhere in the world, almost instantly, with significantly reduced fees compared to traditional wire transfers or ACH.”

Stablecoins are ONE of the fastest-growing sectors of Crypto, with a current market value of nearly $230 billion. They are blockchain-based tokens with a fixed price, predominantly in U.S. dollars, and increasingly popular for payments and remittances. Interest in this asset class has intensified in recent months.