Wyoming stablecoin WYST enters critical testing phase

The Wyoming Stablecoin Board announced that its fiat-backed, fully-reserve WYST stablecoin has entered a multi-chain testing phase, deployed on test networks such as Avalanche, Solana, and Ethereum. Issued by a public entity, WYST is the first of its kind in the United States. Testing is expected to continue until the second quarter of 2025. It is scheduled to be officially launched in July. Partners include LayerZero and Stargate. WYST will be overcollateralized with cash and U.S. debt, and will inject interest into the state education fund.