What is Wyst?
WYST is Wyoming’s stablecoin of US state-backed crypto initiatives, pegged to the US dollar and developed in collaboration with LayerZero. News of the development emerged in 2023, a few months after the Wyoming Stable Token Act was passed. It launches a stablecoin to generate government revenue by earning interest on reserves held in short-term US Treasury bills. The initiative also aims to encourage financial innovation and increase transparency, while contributing to global crypto regulation. In March, Wyoming Governor Mark Gordon said that the new stablecoin could be launched by July.
US Senate Resolution
US Senate passes stablecoin bill. Wyoming embraced digital assets, and stablecoins in particular, long before they became fashionable. Following the election of US President Donald Trump, the US government has set a pro-crypto strategy, seeking to enact market structure and stablecoin legislation. Stablecoin legislation took a major step forward on Tuesday, June 19, when the Senate passed the GENIUS Act by a vote of 68-30, clearing another hurdle on its way to becoming law. “When the GENIUS Act becomes law, businesses of all sizes and Americans across the country will be able to make payments almost instantly, instead of waiting days and sometimes even weeks,” said Tennessee Senator Bill Hagerty, who sponsored the legislation.
America’s stablecoin move has caught the attention of Fortune 500 companies, whose leaders increasingly see these dollar-pegged assets as a viable business opportunity. A recent centralized exchange survey of 100 Fortune 500 executives revealed that nearly 29% are using stablecoins or researching the benefits of stablecoins, up from just 8% in 2024.
Stablecoin Mainnet Launch
The Wyoming Stable Token Commission, the state-backed group developing the WYST stablecoin, is targeting August 20 for the mainnet launch, according to its latest monthly meeting. Of the 11 blockchains (Aptos, Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, Sei, Solana, Stellar and Sui) on which WYST will be officially launched, the group said Aptos and Solana.
Operating Principle:
The WYST stablecoin will leverage LayerZero’s interoperability protocol for a multi-chain deployment, allowing it to operate across several blockchain networks from the outset. This approach utilizes the Omnichain Fungible Token (OFT) standard developed by LayerZero, allowing the token to move seamlessly across chains without the need to wrap or bridge assets. Test deployments are already underway on eight blockchain test networks undergoing performance and compatibility testing with LayerZero systems. This strategy ensures that WYST can operate effectively on any of the selected platforms.
The Commission is partnering with Fireblocks and Chainalysis to provide analysis and infrastructure support, ensuring that transactions are managed and secured during the pilot phase and beyond. These partnerships will help WYST deliver products through various networks while maintaining speed, security and traceability. The WYST pilot program phase will begin before the Wyoming Blockchain Symposium in August. Aptos and Sei will lead this phase and the commission will conduct a live test using public funds to validate the functionality of all systems and confirm the token’s performance on selected platforms. Prior to the symposium, the commission will reintroduce testnet contracts and ensure that all common systems are ready as well as integration with LayerZero as well as Fireblocks.
Wyoming Selects Solana and Aptos for Stablecoin Project
The Commission evaluated more than 10 blockchains, observing stablecoin pilot networks including Ethereum, Avalanche, Sui, Stellar and Polygon.
Wyoming took a significant step forward in its blockchain finance initiative by selecting Solana and Aptos as the preferred platforms for the Wyoming Stable Token (WYST) project. This decision is part of a broader effort to integrate blockchain technology into public finance, with the goal of channeling the revenue generated by the stablecoin into public education funding. The Wyoming Stable Token Commission’s selection of Solana and Aptos was based on an extensive evaluation process that considered more than ten blockchain networks. The evaluation focused on key factors such as transaction speed, scalability, security and total cost. Both Solana and Aptos ranked at the top, scoring 32 points. Other networks evaluated included Avalanche, Ethereum, Base and Algorand, each of which received different scores. The commission’s official meeting in November solidified this selection, with Aptos moving into the pilot phase with Sei Network, which also scored 30 points.
Aptos announced on Friday that it scored 32 points, the highest score in the commission’s network test. Solana scored the same 32 points despite not being selected for the pilot phase. Sei, meanwhile, scored 30 points, ahead of Avalanche (27), Ethereum (26), Base (25) and Algorand (21), among others.
The Commission’s selection process placed a strong emphasis on real-world performance. Both Solana and Aptos have sub-second transaction accuracy and very low transaction fees. Aptos currently processes over 30 billion in monthly stablecoin volume and natively supports a variety of stablecoins pegged to the US dollar. Solana, a popular network for decentralized finance and payments, also showed high speed and high throughput in the state’s tests.
Impact on Networks and Consequences
The selection of Solana and Aptos is expected to increase transaction activity and investor confidence in both ecosystems, potentially leading to an increase in total value locked (TVL) and increased demand for WYST when it launches. The move positions Wyoming as a leader in blockchain finance, with expected increases in financial activity and the development of new regulatory models. The selection of Solana and Aptos is part of a broader movement to integrate blockchain technology into public finance. Historical precedent shows that such initiatives can shift regulatory perspectives and attract institutional interest, and form part of a model for other states exploring blockchain-powered finance. This decision has potentially significant financial implications for the Aptos and Solana ecosystems, as their tokens (APT and SOL) could see increased demand and liquidity. Developer activity is expected to increase in parallel with this landmark decision by the Wyoming Commission.
Disclaimer
The information in this article is provided for general informational purposes only and does not constitute investment, legal, or financial advice. Readers are advised to conduct their own research or consult with a licensed professional before making any financial decisions. Darkex and its contributors are not responsible for any actions taken based on this content.
