Wyoming Stable Token Enters Critical Testing Phase
Governor of Wyoming sent this bulletin at 03/26/2025 12:15 PM MDT |
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NEWS RELEASE
March 26, 2025
CONTACT:
Janelle Collins, Strategic Communications Director
Michael Pearlman, Communications Director
Wyoming Stable Token Enters Critical Testing Phase
Cheyenne, WY – Wyoming Stable Token Commission Executive Director Anthony Apollo moderated an insightful fireside chat with Governor & Commission Chairman Mark Gordon at the DC Blockchain Summit today, hosted by The Digital Chamber. The discussion highlighted Wyoming's pioneering role in digital asset innovation and marked a significant milestone. Director Apollo announced the Wyoming Stable Token (WYST) entered its testing phase across several blockchain networks, a key step towards launching the first fiat-backed and fully-reserved stable token issued by a public entity in the United States.
As the Commission intends to launch WYST on blockchains that are publicly visible, the Commission can now share smart contract addresses on Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon, and Base testnets. These preliminary and value-less test tokens have been deployed in collaboration with token issuance partner LayerZero.
LayerZero Labs is a blockchain company founded in 2021 that launched LayerZero, the leading interoperability protocol. Their Omnichain Fungible Token (OFT) Standard and extensive experience in secure smart contract development offers a robust, scalable, and compliant solution that satisfies the Commission’s legislative requirement to offer a multichain stable token.
“We are excited for the opportunity to collaborate with the Commission on this historic initiative, and are committed to delivering solutions that exceed expectations,” said Simon Baksys, VP of Business Development at LayerZero Labs.
During the fireside, Governor Gordon emphasized Wyoming's commitment to transparency and innovation, underscoring the potential of blockchain technology to create a secure and efficient financial ecosystem. “We are thrilled to share Wyoming's vision for state leadership in the nation's capital,” Governor Gordon noted. “Our forward-thinking approach to blockchain and digital asset legislation has positioned Wyoming as a model for not only other states, but the federal government as well.”
Governor Gordon highlighted the benefits of WYST for both the state and its users. These include a statutory requirement to over-collateralize the stable token’s backing with cash and U.S. Treasuries to mitigate the risk of de-pegging, and the deposit of interest derived from those treasuries into the state’s school foundation fund.
The Commission will continue its vendor engagement process to establish other key aspects of WYST development, deployment, and management. These include standing up a reserves management function and building a robust internal controls framework, amongst other features. Testing is expected to occur throughout the second quarter of 2025, with a potential launch in July 2025.
“The next phase of testing and customizing smart contracts is an imperative step towards delivering the best product for Wyoming and stable token holders,” said Director Apollo. “Once launched, WYST will grant holders the ability to transmit dollar-denominated transactions of any value, anywhere in the world, nearly instantly, with significantly reduced fees compared to traditional ACH or wires.”
As part of initial testing, a demo transaction of WYST between Ethereum and Avalanche testnets was conducted by Stargate, a third-party bridge powered by LayerZero. WYST’s architecture as an OFT means it can be bridged by any compatible interface—Stargate is just one example.
A recording of the fireside chat will be provided when available. For more information about the Wyoming Stable Token Commission or updates on its progress, please visit https://stabletoken.wyo.gov or contact stabletoken@wyo.gov. Wyoming residents and domiciled-entities can register to be alpha WYST testers through this form, also available on our website.
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About the Wyoming Stable Token Commission
Established in March 2023 under the Wyoming Stable Token Act, the Commission is tasked with issuing fully-backed stablecoins that align with state laws and fiscal responsibility. Its mission is to enhance financial transparency while driving economic growth through blockchain innovation.
Governor Mark Gordon was elected Wyoming Chief Executive in November 2018. He is uniquely qualified for his hands-on role as the Wyoming Stable Token Commission Chairman through his robust public and private sector experiences. Governor Gordon has signed over 30 pieces of legislation focused on the treatment and utilization of cryptocurrency, blockchain, and digital assets in Wyoming.
Prior to his election as Governor, Gordon served the people of Wyoming as State Treasurer (2012-2019), ranking in the top 100 “Most Significant and Impactful Public Investor Executives” (The Sovereign Wealth Fund Institute). Under his guidance as Treasurer, Wyoming’s sovereign funds earned a No. 1 ranking for the United States and No. 3 in the world for transparency (Peterson Institute). Gordon served as a Class B Director at the Federal Reserve Bank of Kansas City.
Rancher, mountaineer, and entrepreneur, Governor Gordon has experience in natural resource management, building businesses, and raising a family. He believes that measured decentralization of the domestic financial system is needed to fortify dollar hegemony and keep economic innovation in the United States.
More: https://wyofile.com/why-wyoming-is-pursuing-a-dollar-backed-stable-token/
https://www.foxbusiness.com/video/6369743377112
Anthony J. Apollo was appointed as the inaugural Executive Director of the Wyoming Stable Token Commission in September 2023. Director Apollo brings his prior experience in both traditional finance (KPMG, EY) and digital assets (ConsenSys, Rensa) to the development of the first fiat-backed and fully-reserved stable token issued by a public entity in the United States. Prior to his tenure, Anthony launched blockchain-native projects around intellectual property, debt securities, multimedia licenses, and real-time payments.
LayerZero Labs Ltd. was founded in 2021 by Bryan Pellegrino, Ryan Zarick, and Caleb Banister. The founders were concerned with the security issues of existing bridging solutions and saw an opportunity to create foundational cross-chain messaging infrastructure for blockchain and crypto. Their mission is to create a unified blockchain ecosystem by eliminating the barriers of fragmentation and inefficiency in crypto. The company is committed to enabling the exchange of data across different blockchains in the most highly secure and user-friendly manner, becoming the default for all data and asset transfer across chains.
LayerZero is the market leading interoperability protocol. It enables applications to move data across 125+ blockchains, uniquely supporting censorship-resistant messages and permissionless development through immutable smart contracts. Since inception, LayerZero has processed 145 million messages and $60B in value transfer between chains. The protocol is used to power cross-chain expansion by key players in the industry such as Paypal, BitGo, Ethena, Ondo Finance, and many others.
