At the DC Blockchain Summit held in March, Anthony Apollo, the Executive Director of the Wyoming Stable Token Commission (, hosted a special fireside chat with Mark Gordon, the Governor of the state and the Chairman of the Stable Token Commission. Apollo officially announced that the Wyoming stablecoin WYST has entered the testing phase on multiple blockchain networks. Apollo stated that this is the first stablecoin in the United States issued by a public entity, backed by fiat currency and fully reserved.
The stablecoin committee plans to launch WYST on public visible blockchains, including Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon, and Base. These preliminary, worthless test tokens have been deployed on the testnet in collaboration with the token issuance partner LayerZero.
Nevertheless, this plan was subsequently questioned by senior Republican politicians, raising concerns about the establishment of a CBDC (Central Bank Digital Currency) in Wyoming.
Wyoming takes the lead, becoming the first public entity stablecoin in the United States.
The Wyoming Stablecoin Committee was established in March 2023, based on the "Wyoming Stablecoin Act." Its mission is to issue stable tokens fully supported by state law and financial responsibility. Its goal is to enhance financial transparency through blockchain innovation while promoting economic growth.
In the official statement, the committee noted that LayerZero's OFT (Omnichain Fungible Token) standard and its rich experience in secure smart contract development provide a powerful, scalable, and compliant solution that meets the committee's legislative requirements for offering multi-chain stablecoins.
As part of a preliminary test, the third-party cross-chain bridge StarGate.io, supported by LayerZero, conducted a demonstration transaction of WYST between the Ethereum and Avalanche test networks. WYST, as part of the OFT architecture, means it can be bridged through any compatible interface – StarGate.io is just one example.
In a fireside chat, Governor Gordon emphasized Wyoming's commitment to transparency and innovation, noting the potential of blockchain technology in creating a secure and efficient financial ecosystem. "We are excited to share Wyoming's state leadership vision in the capital," Gordon pointed out. "Our forward-looking approach to blockchain and digital asset legislation makes Wyoming not only a model for other states but also a benchmark for the federal government."
Gordon added that WYST has several advantages: including the requirement to be over-collateralized with cash and U.S. Treasury bonds to reduce "decoupling" risks, as well as using the interest from Treasury bonds for state education funds to achieve fiscal returns. WYST is expected to be tested until the end of the second quarter of 2025 and plans to officially launch in July of the same year.
According to the official website of the committee, both leaders have backgrounds that combine finance and blockchain experience. Mark Gordon has served as the Governor of Wyoming since November 2018 and has signed over 30 pieces of legislation related to cryptocurrency, blockchain, and digital assets. He previously served as the Wyoming State Treasurer (2012–2019). Anthony Apollo was appointed as the first executive director of the Stablecoin Committee in September 2023 and has extensive experience in traditional finance (KPMG, EY) and the blockchain industry (ConsenSys, Rensa).
It is worth mentioning that Cynthia Lummis, who supports Bitcoin as a strategic reserve for the country, is also a senator from Wyoming.
On March 27, the X platform account of the Wyoming Stablecoin Committee also shared a photo of the committee's Executive Director Anthony Apollo with Bo Hines, the Executive Director of the Presidential Advisory Committee on Digital Assets, with the caption "We look forward to continuing the dialogue with governments that support digital asset management in the coming years."
Stablecoins or CBDC? The committee is criticized by Republican colleagues.
Although the committee emphasized that WYST is not issued by a central bank and is fundamentally different from central bank digital currencies (CBDC), the project is treated with some sensitivity within Republican circles in the United States.
On March 27, after the latest progress of the WYST plan was announced, Tom Emmer, the Republican House Majority Whip, unusually criticized the actions of his colleagues within his own party.
"I respect the vote of the people of Wyoming; however, I personally strongly oppose any government issuing a tokenized version of its currency," Tom Emmer said to the media. "At the federal level, this would be regarded as a central bank digital currency."
Central Bank Digital Currency (CBDC), the digital version of a country's legal tender, has recently become the "monster" that Republican politicians dread the most. Republican governors and President Trump are committed to banning the development of CBDCs in the United States, as they are seen as a threat to user privacy. Unlike decentralized crypto assets, CBDCs are issued and managed by a central authority, have the ability to freeze and track funds, are considered to lack censorship resistance, and may be used for government intervention in personal finances.
In this regard, Apollo firmly denies equating WYST with CBDC. He stated that he also opposes the concept of state-supported CBDCs, but WYST is a completely different product. "Wyoming places a high value on privacy," Apollo said. "We will establish rules that clearly outline what we can collect, what we cannot collect, how to handle this data, and how to act based on this data."
"Wyoming is not a central bank," Apollo added. "We do not issue any cash."
However, Apollo also admitted that the public and lawmakers frequently raise the question of whether "WYST is equivalent to CBDC". This issue is also of great concern within Wyoming. Just a few weeks ago, Governor Gordon signed a bill banning the development of CBDC within the state, clearly expressing the state government's opposition to "controlled digital currencies."
Pioneer State in Cryptocurrency Legislation: Actively Embracing Bitcoin, Four Related Bills Proposed This Year
Wyoming is not the first to attract attention due to blockchain legislation. Over the past decade, it has continuously promoted friendly legislation in the digital asset space. Since 2019, the state legislature has passed more than 30 related bills. This year, lawmakers supporting cryptocurrency have proposed four core bills.
HB 201: State Fund Investment in Bitcoin
Proposed by Republican Congressman Jacob Wasserburger, the bill allows for up to 3% of state funds to be invested in Bitcoin, aiming to give Wyoming a head start before the federal government potentially accepts Bitcoin. Although the bill ultimately did not pass, Wasserburger stated that he will continue to promote related education and legislative efforts.
HB 256: Establishment of a Special Blockchain Committee (Not Passed)
HB 264: Prohibition of CBDC
Proposed by Congressman Daniel Singh, aimed at prohibiting state agencies from accepting CBDC payments and not allowing the use of taxpayer funds to build CBDC infrastructure, clearly expressing Wyoming's resistance to CBDCs.
HB 308 Crypto Frontier Act
The last major bill related to cryptocurrencies is another bill proposed by Singh. HB 308 would authorize the state attorney general to "investigate specific federal ultra vires acts involving blockchain or cryptocurrency." The bill aligns with Singh's and Wasserburger's goal of enhancing states' ability to operate digital currencies without federal intervention. However, the bill has not yet been considered for introduction by the House of Representatives.
Currently, despite some controversy surrounding the testing deployment of WYST, at the state level, the program has certain trial significance and poses challenges to the U.S. federal government's path selection in the regulation of CBDC and stablecoins.
On one hand, Wyoming demonstrates through action that stablecoins are not solely under the control of private entities; local governments can also build digital currency products that are compliant and socially responsible. On the other hand, the advancement of the project compels one to consider: what exactly is the boundary between public stablecoins and CBDCs?
In the coming months, WYST will continue to operate on the testnet and gradually undergo external audits and public evaluations. Will it become the first successful example of a state-level "on-chain dollar" in the United States? This will not only affect Wyoming but may also influence the overall direction of digital currency development in the United States.
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Why is the multi-chain stablecoin WYST created by Wyoming in the United States being questioned by Republican colleagues?
Author: Weilin, PANews
At the DC Blockchain Summit held in March, Anthony Apollo, the Executive Director of the Wyoming Stable Token Commission (, hosted a special fireside chat with Mark Gordon, the Governor of the state and the Chairman of the Stable Token Commission. Apollo officially announced that the Wyoming stablecoin WYST has entered the testing phase on multiple blockchain networks. Apollo stated that this is the first stablecoin in the United States issued by a public entity, backed by fiat currency and fully reserved.
The stablecoin committee plans to launch WYST on public visible blockchains, including Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon, and Base. These preliminary, worthless test tokens have been deployed on the testnet in collaboration with the token issuance partner LayerZero.
Nevertheless, this plan was subsequently questioned by senior Republican politicians, raising concerns about the establishment of a CBDC (Central Bank Digital Currency) in Wyoming.
Wyoming takes the lead, becoming the first public entity stablecoin in the United States.
The Wyoming Stablecoin Committee was established in March 2023, based on the "Wyoming Stablecoin Act." Its mission is to issue stable tokens fully supported by state law and financial responsibility. Its goal is to enhance financial transparency through blockchain innovation while promoting economic growth.
In the official statement, the committee noted that LayerZero's OFT (Omnichain Fungible Token) standard and its rich experience in secure smart contract development provide a powerful, scalable, and compliant solution that meets the committee's legislative requirements for offering multi-chain stablecoins.
As part of a preliminary test, the third-party cross-chain bridge StarGate.io, supported by LayerZero, conducted a demonstration transaction of WYST between the Ethereum and Avalanche test networks. WYST, as part of the OFT architecture, means it can be bridged through any compatible interface – StarGate.io is just one example.
In a fireside chat, Governor Gordon emphasized Wyoming's commitment to transparency and innovation, noting the potential of blockchain technology in creating a secure and efficient financial ecosystem. "We are excited to share Wyoming's state leadership vision in the capital," Gordon pointed out. "Our forward-looking approach to blockchain and digital asset legislation makes Wyoming not only a model for other states but also a benchmark for the federal government."
Gordon added that WYST has several advantages: including the requirement to be over-collateralized with cash and U.S. Treasury bonds to reduce "decoupling" risks, as well as using the interest from Treasury bonds for state education funds to achieve fiscal returns. WYST is expected to be tested until the end of the second quarter of 2025 and plans to officially launch in July of the same year.
According to the official website of the committee, both leaders have backgrounds that combine finance and blockchain experience. Mark Gordon has served as the Governor of Wyoming since November 2018 and has signed over 30 pieces of legislation related to cryptocurrency, blockchain, and digital assets. He previously served as the Wyoming State Treasurer (2012–2019). Anthony Apollo was appointed as the first executive director of the Stablecoin Committee in September 2023 and has extensive experience in traditional finance (KPMG, EY) and the blockchain industry (ConsenSys, Rensa).
It is worth mentioning that Cynthia Lummis, who supports Bitcoin as a strategic reserve for the country, is also a senator from Wyoming.
On March 27, the X platform account of the Wyoming Stablecoin Committee also shared a photo of the committee's Executive Director Anthony Apollo with Bo Hines, the Executive Director of the Presidential Advisory Committee on Digital Assets, with the caption "We look forward to continuing the dialogue with governments that support digital asset management in the coming years."
Stablecoins or CBDC? The committee is criticized by Republican colleagues.
Although the committee emphasized that WYST is not issued by a central bank and is fundamentally different from central bank digital currencies (CBDC), the project is treated with some sensitivity within Republican circles in the United States.
On March 27, after the latest progress of the WYST plan was announced, Tom Emmer, the Republican House Majority Whip, unusually criticized the actions of his colleagues within his own party.
"I respect the vote of the people of Wyoming; however, I personally strongly oppose any government issuing a tokenized version of its currency," Tom Emmer said to the media. "At the federal level, this would be regarded as a central bank digital currency."
Central Bank Digital Currency (CBDC), the digital version of a country's legal tender, has recently become the "monster" that Republican politicians dread the most. Republican governors and President Trump are committed to banning the development of CBDCs in the United States, as they are seen as a threat to user privacy. Unlike decentralized crypto assets, CBDCs are issued and managed by a central authority, have the ability to freeze and track funds, are considered to lack censorship resistance, and may be used for government intervention in personal finances.
In this regard, Apollo firmly denies equating WYST with CBDC. He stated that he also opposes the concept of state-supported CBDCs, but WYST is a completely different product. "Wyoming places a high value on privacy," Apollo said. "We will establish rules that clearly outline what we can collect, what we cannot collect, how to handle this data, and how to act based on this data."
"Wyoming is not a central bank," Apollo added. "We do not issue any cash."
However, Apollo also admitted that the public and lawmakers frequently raise the question of whether "WYST is equivalent to CBDC". This issue is also of great concern within Wyoming. Just a few weeks ago, Governor Gordon signed a bill banning the development of CBDC within the state, clearly expressing the state government's opposition to "controlled digital currencies."
Pioneer State in Cryptocurrency Legislation: Actively Embracing Bitcoin, Four Related Bills Proposed This Year
Wyoming is not the first to attract attention due to blockchain legislation. Over the past decade, it has continuously promoted friendly legislation in the digital asset space. Since 2019, the state legislature has passed more than 30 related bills. This year, lawmakers supporting cryptocurrency have proposed four core bills.
HB 201: State Fund Investment in Bitcoin
Proposed by Republican Congressman Jacob Wasserburger, the bill allows for up to 3% of state funds to be invested in Bitcoin, aiming to give Wyoming a head start before the federal government potentially accepts Bitcoin. Although the bill ultimately did not pass, Wasserburger stated that he will continue to promote related education and legislative efforts.
HB 256: Establishment of a Special Blockchain Committee (Not Passed)
HB 264: Prohibition of CBDC
Proposed by Congressman Daniel Singh, aimed at prohibiting state agencies from accepting CBDC payments and not allowing the use of taxpayer funds to build CBDC infrastructure, clearly expressing Wyoming's resistance to CBDCs.
HB 308 Crypto Frontier Act
The last major bill related to cryptocurrencies is another bill proposed by Singh. HB 308 would authorize the state attorney general to "investigate specific federal ultra vires acts involving blockchain or cryptocurrency." The bill aligns with Singh's and Wasserburger's goal of enhancing states' ability to operate digital currencies without federal intervention. However, the bill has not yet been considered for introduction by the House of Representatives.
Currently, despite some controversy surrounding the testing deployment of WYST, at the state level, the program has certain trial significance and poses challenges to the U.S. federal government's path selection in the regulation of CBDC and stablecoins.
On one hand, Wyoming demonstrates through action that stablecoins are not solely under the control of private entities; local governments can also build digital currency products that are compliant and socially responsible. On the other hand, the advancement of the project compels one to consider: what exactly is the boundary between public stablecoins and CBDCs?
In the coming months, WYST will continue to operate on the testnet and gradually undergo external audits and public evaluations. Will it become the first successful example of a state-level "on-chain dollar" in the United States? This will not only affect Wyoming but may also influence the overall direction of digital currency development in the United States.