The state of Wyoming is making progress toward launching its own stablecoin, with the Aptos blockchain emerging as the top contender to support the initiative, the Coin Republic reports.
The Wyoming Stable Token Commission, tasked with overseeing the development and rollout of the proposed stablecoin—tentatively named WYST—recently ranked Aptos as the leading blockchain network based on technical performance and vendor support.
According to the Commission’s evaluation, Aptos tied with Solana as the highest-scoring platform, with each network earning 32 points. However, Aptos has gained increased visibility in recent weeks and is now seen as the frontrunner to host WYST, positioning itself at the center of one of the first state-backed stablecoin projects in the United States.
The WYST rollout would mark a significant milestone, potentially making Wyoming the first US state to issue its own digital currency. The selection of Aptos would not only elevate the network’s credibility but could also pave the way for other states to consider similar partnerships with established blockchain platforms.
For Aptos, the potential collaboration arrives amid ongoing developments in its ecosystem. Over the past year, the network’s stablecoin market cap has grown significantly, reaching an all-time high of $1.33 billion earlier in June before adjusting to around $1.24 billion. Decentralized exchange (DEX) volumes on the network have also shown strong momentum, indicating broader adoption.
Despite these metrics, Aptos’ native token, APT, has faced downward pressure in the broader market. As of the most recent data, APT was trading near $4.28—retesting a key support level it last touched in August 2024 and April 2025. The token has seen a 71% decline from its December 2024 peak, with price movement largely decoupled from growth in the network’s usage.
Market analysts suggest that token inflation may be contributing to the subdued performance, as over 200 million APT tokens have been added to the circulating supply, bringing the total above 641.5 million. Nonetheless, some technical indicators, including the Relative Strength Index (RSI), point to potential bullish divergence and oversold conditions.
Should Aptos officially be selected for the WYST project, the decision could provide a renewed sense of momentum for the network. Institutional interest and state-level engagement would likely bolster confidence in its long-term viability.
