The Wyoming Stable Token Commission has completed its evaluation of blockchain networks for the state's forthcoming Wyoming Stable Token (WYST) project, with Aptos achieving the highest ranking alongside Solana. The commission's decision, announced on June 20, 2025, marks a significant step toward launching the first state-issued stable token in the United States.
The WYST project, initiated following the passage of the Wyoming Stable Token Act, aims to create a digital representation of the U.S. dollar, fully backed by U.S. Treasuries, cash, and repurchase agreements. Governor Mark Gordon stated in March 2025 that WYST is designed to revolutionize financial transactions and fortify Wyoming's leadership in blockchain innovation, with a target launch date set for July 2025. The stablecoin will operate on blockchain technology, offering transparency, security, and efficiency in financial transactions.
The commission evaluated over ten blockchains, including Ethereum, Avalanche, Sui, Stellar, Polygon, Arbitrum, Base, Sei and others. The evaluation process considered factors such as blockchain performance, user base, security, uptime, and core infrastructure. Aptos and Solana emerged as the frontrunners, both receiving a score of 32 based on the commission's network testing. While Aptos and Solana received identical scores, only Aptos and Sei were selected for the pilot phase. Sei scored 30 points, surpassing other competitors like Avalanche (27), Sui (26), Base (25), Algorand (21), and Ripple's XRP Ledger (XRPL).
The selection of Aptos and Sei highlights Wyoming's commitment to fostering innovation in digital assets. The state plans to generate revenue from WYST by earning interest on reserves held in short-duration U.S. Treasury bonds. This initiative aims to promote financial innovation, enhance transparency, and attract businesses and talent in emerging sectors like artificial intelligence and energy.
WYST is designed to be redeemable at a one-to-one ratio with the U.S. dollar and will be deployed using LayerZero, a technology that supports communication and data transfer across blockchains, to enable cross-chain functionality. This will establish a new financial infrastructure for multi-chain interoperability. Aptos natively supports three types of USD stablecoins, with a monthly stablecoin trading volume exceeding $30 billion, providing sub-second final confirmation speeds and nearly zero cost (approximately $0.00055) transaction experience.
The selection of Aptos and Sei for the WYST pilot program has been met with positive reactions from the crypto community. Following the announcement, Sei's native token, SEI, experienced a price surge, climbing over 15% in a single day. The increased activity underscores the growing interest in stablecoins and the potential for regulatory frameworks to support their adoption.
