Wyoming Stablecoin WYST Set for July Launch with LayerZero as Key Partner

Testing Across Multiple Blockchains

As WYST is set to launch on publicly visible blockchains, the Commission has now shared smart contract addresses on Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon, and Base testnets. These initial, value-less test tokens were deployed in collaboration with LayerZero, the Commission’s chosen partner for token issuance.

Founded in 2021, LayerZero Labs developed LayerZero, a leading interoperability protocol. Their Omnichain Fungible Token (OFT) Standard and expertise in secure smart contract development provide a scalable, compliant, and robust solution that meets the Commission’s legislative requirement for a multichain stable token.

“We are excited for the opportunity to collaborate with the Commission on this historic initiative, and are committed to delivering solutions that exceed expectations,” said Simon Baksys, VP of Business Development at LayerZero Labs.

Wyoming’s Vision for Blockchain Innovation

Governor Mark Gordon reinforced the state’s dedication to transparency and innovation, emphasizing blockchain’s potential to enhance financial security and efficiency.

“We are thrilled to share Wyoming’s vision for state leadership in the nation’s capital,” Governor Gordon stated. “Our forward-thinking approach to blockchain and digital asset legislation has positioned Wyoming as a model for not only other states, but the federal government as well.”

Governor Gordon also highlighted WYST’s benefits, including:

Over-collateralization with cash and U.S. Treasuries to reduce the risk of de-pegging.
Interest from Treasuries being deposited into Wyoming’s school foundation fund.

Next Steps for WYST Development

The Commission is continuing its vendor engagement process to refine key aspects of WYST’s development, deployment, and management. This includes:

Establishing a reserves management function.
Building a robust internal controls framework.
Additional testing and contract customization in Q2 2025, ahead of a potential July 2025 launch.

“The next phase of testing and customizing smart contracts is an imperative step towards delivering the best product for Wyoming and stable token holders,” said Director Apollo. “Once launched, WYST will grant holders the ability to transmit dollar-denominated transactions of any value, anywhere in the world, nearly instantly, with significantly reduced fees compared to traditional ACH or wires.”

As part of the initial testing phase, a demo transaction of WYST was conducted between Ethereum and Avalanche testnets via Stargate, a third-party bridge powered by LayerZero. Since WYST follows the OFT standard, it can be bridged using any compatible interface—Stargate being just one example.