The governor of Wyoming, Mark Gordon, spoke at the DC Blockchain Summit, announcing that the State stablecoin could be ready for launch by July. The Wyoming Stable Token Commission would have chosen the LayerZero interoperability protocol as a partner for the launch of the token.
Wyoming: the State stablecoin on LayerZero and the launch scheduled for July 2025
At the DC Blockchain Summit, the governor of Wyoming, Mark Gordon, stated that the State stablecoin could be ready for launch by July 2025.
The dedicated panel was moderated by Anthony Apollo, executive director of the Wyoming Stable Token Commission (WYST), who confirmed that the stablecoin has entered the testing phase on several blockchain networks.
Not only that, this stablecoin will be launched with a token issuance partner, the interoperability protocol LayerZero.
“At today’s DC Blockchain summit, hosted by the @DigitalChamber association, @GovernatoreGordon and the executive director @wyoapollo announced that the Commission has partnered with @LayerZero_Core for the development of the stable token WYST. LayerZero has already assisted the Commission in implementing the test of WYST on @ethereum, @solana, @avax, @base, @arbitrum, @Optimism, @0xPoligon testnet. Their Omnichain Fungible Token standard helps fulfill the Commission’s legislative obligation to offer a multi-chain stable token.”
In practice, since the Commission intends to launch WYST on publicly visible blockchains, it can now share the addresses of the smart contracts on Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon, and Base.
These preliminary and valueless test tokens were distributed in collaboration with the token issuance partner LayerZero.
Wyoming and the first stablecoin issued by a public entity in the USA
As soon as the new Wyoming stablecoin is launched, it will become the first guaranteed by fiat and fully reserved, issued by a public entity in the United States.
In this regard, Gordon commented as follows:
“We are excited to share Wyoming’s vision for state leadership in the nation’s capital. Our forward-thinking approach to blockchain and digital asset legislation has positioned Wyoming as a model not only for other states but also for the federal government.”
The director of WYST, Apollo, instead emphasized what the new stablecoin will mean for the holders:
“The next phase of testing and customization of smart contracts is a fundamental step to offer the best product for Wyoming and for stable token holders. Once launched, WYST will ensure holders the ability to transmit dollar-denominated transactions of any value, anywhere in the world, almost instantly, with significantly reduced fees compared to traditional ACH or wires.”
The statement also confirms that within the scope of the initial tests, a demonstration transaction of WYST between the Ethereum and Avalanche test networks has already been conducted by Stargate, a third-party bridge powered by LayerZero.
The opening to crypto and the case of Fidelity
Recently, Fidelity Investments announced that it is preparing to launch its stablecoin pegged to the US dollar. From what has emerged, it seems that it is concluding tests on the stablecoin through its division Fidelity Digital Asset.
The financial giant is also pushing for the integration of blockchain into traditional products.
In a document filed with the SEC on March 21, Fidelity has introduced a new type of share class based on Ethereum, called “OnChain Share Class”. This share class will be tied to the Fidelity Treasury Digital Fund, the 80 million dollar fund primarily invested in US Treasury securities.
