In Wyoming, the state is set to introduce the Wyoming Stable Token (WYST) on June 21, 2025. This initiative aims to enhance financial transactions and solidify Wyoming's position in blockchain innovation. The WYST will be fully backed by U.S. Treasuries, cash, and repurchase agreements, with a minimum capitalization of 102% to ensure stability.
The development of WYST aligns with the recent passage of the GENIUS Act by the U.S. Senate on June 17, 2025. This bipartisan legislation sets a federal regulatory framework for stablecoins. It mandates that issuers back their tokens with liquid assets and requires monthly disclosure of reserve composition. The bill awaits approval in the House of Representatives.
The GENIUS Act could transform the $236 billion stablecoin market into a $2.5 trillion sector. The WYST is currently in testing on various blockchain networks, including Avalanche, Solana, Ethereum, Arbitrum, Base, Optimism, and Polygon. Stakeholders are watching the regulatory landscape to ensure compliance and capitalize on the opportunities presented by the GENIUS Act.