The US state of Wyoming is making significant progress toward issuing its own stablecoin, the Wyoming Stable Token (WYST), by mid-2025, Global Government Fintech reports.
This initiative, led by the Wyoming Stable Token Commission, aims to be the first fiat-backed, fully reserved stablecoin issued by a public entity in the United States.
Anthony Apollo, the Commission’s executive director, provided insights into the project during a Digital Euro Association (DEA) online broadcast on January 27. He described the initiative as a unique effort to create a startup-like operation within state government.
Wyoming has gained a reputation as a leader in blockchain and cryptocurrency legislation, having passed around 45 digital asset-related laws since 2016. The proposed stablecoin is intended to integrate these policies while serving as a bridge between traditional finance and blockchain technology.
The Wyoming Stable Token will be issued on a public blockchain and pegged 1:1 to the US dollar. Unlike private-sector stablecoins, this state-backed digital asset will be supported by interest-bearing US Treasury securities and repurchase agreements. The generated interest will fund Wyoming’s School Foundation Program, potentially benefiting public education as the token gains adoption.
Apollo emphasized that the project is progressing rapidly, with widespread interest from more than 360 organizations and over 730 individuals. The Commission has a budget of $5.8 million but aims to become self-sustaining over time.
As stablecoins continue to grow in popularity, Wyoming’s initiative aligns with broader discussions on digital financial regulation. The recent executive order from President Donald Trump, signed on January 23, highlights federal support for lawful and legitimate dollar-backed stablecoins.
The Wyoming Stable Token Commission is working on a regulatory framework, particularly focusing on reserves management and token governance. The aim is to ensure transparency, security, and compliance while avoiding risks such as misuse by malicious actors.
While the initial goal is to launch the stablecoin domestically, Wyoming envisions international use and potential integration with decentralized finance (DeFi) platforms. Apollo also hinted at long-term aspirations for a broader Wyoming Digital Asset Authority that could oversee tokenized real-world assets like gold, silver, and even blockchain-based voting systems.
