Wyoming to Launch State-Issued Crypto Stablecoin

Wyoming plans to launch its own state-issued cryptocurrency in the form of a stablecoin as soon as July, the state’s governor announced Wednesday. The proposed stablecoin would be the first fiat-backed and fully-reserved stable token issued by a US entity.

JUST IN: Wyoming to launch state issued crypto stablecoin.

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The proposed Wyoming stable token WYST will be fully backed by US Treasury cash and repurchase agreements. It will also maintain a statutory requirement of no less than 102% capitalization per report. Wyoming plans to generate new revenue streams from the WYST token through interest income derived from the reserve assets, which the state said can be used to fund education and infrastructure.

“I don’t think there’s any banks that have been really eager, right? To jump in,” Wyoming Governor Mark Gordon said during the DC Blockchain Summit on Wednesday. “Jamie Dimon was floating his idea a little while ago, and I remember talking to him and saying, you know, if you’re gonna do something, you should really do it in Wyoming because we have a framework to do it.” The governor also added that WYST can also be a tool for farmers and ranchers “to develop new markets.”

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Stablecoins In The Spotlight Nationwide

Dollar stablecoins are designed to track the value of US dollars one-for-one. The assets have been the talk of the town in the United States over the last year. Since US President Donald Trump’s inauguration, more states have also pursued launching crypto projects in the form of stablecoins or crypto reserves. This week, Trump’s World Liberty Financila (WLFI) officially launched its US dollar-pegged stablecoin, WLF1. Now, the first-ever US state will have its own state-issued stablecoin pegged to the greenback.

The state of Wyoming has been a mixed bag in terms of its approach to cryptocurrency. Earlier this year, the state voted against establishing state-level crypto reserves, citing concern over the risk and volatility associated with digital assets. This was also as WY Senator Cynthia Lummis pushed for the entire nation to launch such a reserve. However, the launch of a state-issued stablecoin is a huge step back in the direction of crypto.

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Wyoming is weighing nine potential blockchains, including Solana, Ethereum, and Polygon, to host the WYST stablecoin. Whichever blockchain it decides to use will surely receive backing and hype from the crypto community. These blockchains are also in contention to host a potential US Treasury blockchain.