Wyoming's WYST Stablecoin Enters Multichain Testing Phase

According to Odaily, the Wyoming Stablecoin Commission has announced that its fiat-backed, fully reserved WYST stablecoin has entered the multichain testing phase. The stablecoin is being deployed on test networks including Avalanche, Solana, and Ethereum. Issued by a public entity, WYST is the first project of its kind in the United States. The testing phase is expected to continue until the second quarter of 2025, with a planned official launch in July. Collaborators on the project include LayerZero and Stargate. WYST will be over-collateralized with cash and U.S. Treasury bonds, with interest proceeds directed to the state's education fund.