Wyoming Stable Token Commission Advances Toward Historic Launch of First-Ever Publicly-Issued Stable Token

Governor Mark Gordon (R-WYO), Chairman of The Wyoming Stable Token Commission (WSTC), announced today the Cowboy State is making significant strides toward the launch of the Wyoming Stable Token (WYST). The Governor’s announcement came following the monthly seven-member commission meeting, which included an executive session. Testing is expected to begin in the coming weeks for the first fiat-backed and fully-reserved stable token issued by a public entity in the United States. WYST aims to revolutionize financial transactions and fortify Wyoming’s leadership in blockchain innovation. A target WYST launch date is set for July 2025.

“WYST is designed to be a digital representation of the U.S. dollar, fully backed by U.S. Treasuries, cash, and repurchase agreements. It will maintain a statutory requirement of not less than 102% capitalization to bolster stability,” Governor Gordon said “The token will operate on blockchain technology, offering transparency, security, and efficiency in financial transactions.”

Wyoming’s pioneering efforts in blockchain legislation have positioned the state as a leader in digital assets. The state has passed more than  45 pieces of sector-specific legislation since 2016, including frameworks created for Special Purpose Depository Institutions (SPDI) and Decentralized Autonomous Organizations (DAO), demonstrating that Wyoming is setting the standard for innovation in this space.

“Our forward-thinking legislators and policy makers have laid the foundation for Wyoming to lead in digital innovation. The launch of WYST will not only reinforce Wyoming’s position as a leader in digital assets but also demonstrate how thoughtful regulation can translate into real-world implementation,” said Joel Revill, WYST Commissioner and CEO of Two Ocean Trust.

Known for its robust energy and tourism sectors, Wyoming is expected to generate new revenue streams from WYST through interest derived from its reserve assets, which can be utilized for funding education and infrastructure. The initiative also aims to attract businesses and talent in emerging sectors like artificial intelligence and energy.

Following an extensive and months-long procurement process, with results shared in the public forum, the Commission’s Evaluation Committees have completed scoring and ranking qualified vendors. The Commission is currently in negotiations with the top-ranked participants to finalize contracts. Once agreements are in place, these partners will support the development of the stable token and the infrastructure required for its management and monitoring. 

Nine (9) Candidate Blockchains, including layer-1 networks Solana, Ethereum, Avalanche, Sui, Stellar, and layer-2 networks such as Polygon, Arbutrium, Base, and Optimism are under consideration for hosting WYST. The Commission will work with partners to test tokens on these networks before determining which chain to utilize at launch, potentially exploring a multi-chain deployment. Additionally, new amendments have been added to the Procurement Rules for rolling qualifications which would allow the review and inclusion of additional blockchains that previously did not have the required capabilities.

“This initiative underscores Wyoming’s commitment to transparency and innovation,” said Governor Gordon. “By leveraging blockchain technology, we aim to create a secure and efficient financial ecosystem that benefits both individuals and businesses.”

“The Wyoming Stable Token is not just about fortifying the dollar; it’s about laying the foundation for a new era of financial infrastructure. From public transparency to potential future applications like tokenized commodities and real estate, this project positions Wyoming as a global leader in blockchain technology,” said the Commission’s Executive Director Anthony Apollo, highlighting the broader implication of the intiative.

Governor Gordon will be providing additional details on the Commission’s forward progress at the DC Blockchain Summit during a main stage fireside chat, on March 26, 2025 at 1:15pm ET.  The Governor and Director Apollo will meet with members of the news media immediately following the fireside chat in Room 2 adjacent to the main stage. 

For more information about the Wyoming Stable Token Commission or updates on its progress, please visit our website at https://stabletoken.wyo.gov or contact us at stabletoken@wyo.gov.