The state of Wyoming has made a serious upstream move in the digital asset market, choosing two top Layer 1 blockchain platforms — Solana ($SOL ) and Aptos ($APT ) as the main contenders for launching its own stablecoin. This move demonstrates the state's ambitions to become a pioneer in the DeFi and financial innovation space by offering the first fully dollar-backed stablecoin established in the state's trust fund.
The Wyoming Stable Token Commission (WYST) is the concept of a virtual currency pegged to the US dollar, which is held in reserve under the control of the state of Wyoming. In a recent post on X (Twitter), representatives from Aptos stated that state authorities want to launch this stablecoin on Layer Zero infrastructure — using either #solana or #Aptos .
«The Wyoming Stable Token Commission ranked Aptos first among blockchain candidates for WYST — the first fully fiat-backed stablecoin in the USA, — said Aptos. — Aptos shared first place with Solana. WYST will be launched on Layer Zero. Aptos is already elevating limitless, always online finance, operating three native USD stablecoins and turning over more than $30 billion in monthly volume, with almost instant transaction confirmations and laughable fees — around $0.00055.»
Last year, Wyoming Governor Mark Gordon made a statement that he intends to promote a transparent stablecoin, which will be fully backed by short-term state treasury bonds. His goal is to bring a lot of state debt back to the domestic market to stabilize these instruments.
«For me, the key point is to bring a large part of our debt back to the home front, — said Gordon. — If bonds are bought and support treasury securities, it will help stabilize the market. It is obvious that digital assets are the future, and the USA simply cannot pretend otherwise. Washington is still dragging its feet, so Wyoming, as a flexible and entrepreneurial state, can take the first significant step.»
