Wyoming plans to launch the first US state-backed cryptocurrency by July 2025

Wyoming plans to launch its own cryptocurrency, called WYST, as early as July 2025. This will be the first state-backed stablecoin in the U.S. The announcement was made by Governor Mark Gordon at the DC Blockchain Summit in Washington, D.C.

WYST will be fully backed by U.S. Treasuries, cash, and repurchase agreements, maintaining a minimum capitalization rate of 102%. This approach is intended to legitimize cryptocurrencies and promote their adoption.

Wyoming is currently considering whether to host the digital currency initiative on the Solana, Ethereum, or Polygon blockchains. This decision has not yet been made and will have a significant impact on the operation and functionality of WYST.

The launch of a state-backed cryptocurrency is an important milestone in the adoption and acceptance of digital currencies in the United States. With Wyoming leading the way, this could set a precedent for other states to follow in the future.

The launch of WYST is part of a broader trend to bring blockchain technology and digital currencies into mainstream finance. As the first state-backed stablecoin, WYST will be closely watched by the crypto community and financial regulators.