Wyoming Stable Token Commission Executive Director Anthony Apollo moderated an insightful fireside chat with Governor & Commission Chairman Mark Gordon at the DC Blockchain Summit on March 26th, hosted by The Digital Chamber. The discussion highlighted Wyoming's pioneering role in digital asset innovation and marked a significant milestone. Director Apollo announced the Wyoming Stable Token (WYST) entered its testing phase across several blockchain networks, a key step towards launching the first fiat-backed and fully-reserved stable token issued by a public entity in the United States.

As the Commission intends to launch WYST on blockchains that are publicly visible, the Commission can now share smart contract addresses on Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon, and Base testnets. These preliminary and value-less test tokens have been deployed in collaboration with token issuance partner LayerZero.

LayerZero Labs is a blockchain company founded in 2021 that launched LayerZero, the leading interoperability protocol. Their Omnichain Fungible Token (OFT) Standard and extensive experience in secure smart contract development offers a robust, scalable, and compliant solution that satisfies the Commission’s legislative requirement to offer 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.

During the fireside, Governor Gordon emphasized Wyoming's commitment to transparency and innovation, underscoring the potential of blockchain technology to create a secure and efficient financial ecosystem. “We are thrilled to share Wyoming's vision for state leadership in the nation's capital,” Governor Gordon noted. “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 highlighted the benefits of WYST for both the state and its users. These include a statutory requirement to over-collateralize the stable token’s backing with cash and U.S. Treasuries to mitigate the risk of de-pegging, and the deposit of interest derived from those treasuries into the state’s school foundation fund.

The Commission will continue its vendor engagement process to establish other key aspects of WYST development, deployment, and management. These include standing up a reserves management function and building a robust internal controls framework, amongst other features. Testing is expected to occur throughout the second quarter of 2025, with a potential launch in July 2025.

“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 initial testing, a demo transaction of WYST between Ethereum and Avalanche testnets was conducted by Stargate, a third-party bridge powered by LayerZero. WYST’s architecture as an OFT means it can be bridged by any compatible interface—Stargate is just one example.

A recording of the fireside chat will be provided when available. For more information about the Wyoming Stable Token Commission or updates on its progress, please visit https://stabletoken.wyo.gov or contact [email protected]. Wyoming residents and domiciled-entities can register to be alpha WYST testers through this form, also available on our website.