Wyoming to Launch State-Backed Stablecoin WYST on August 20 as Kraken Relocates HQ
Wyoming’s Stable Token Commission will launch WYST, the nation’s first state-backed stablecoin, on August 20, 2025. Fully reserved with US Treasuries, cash and repos, WYST will operate under the 2023 Wyoming Stablecoin Act. The token uses LayerZero’s Omnichain Fungible Token standard for cross-chain deployment. After evaluating 11 blockchains on TPS, fees and finality, the commission selected Aptos and Solana for the pilot, with Aptos leading. Compliance checks are underway with Chainalysis, and secure custody is provided by Fireblocks. Monthly reserve attestations will be published publicly. The initiative aligns with the pending federal GENIUS Stablecoin Act and underscores Wyoming’s pro-crypto stance.
Separately, Kraken will move its headquarters from San Francisco to Cheyenne, Wyoming. The relocation leverages Kraken’s 2020 SPDI banking license, state grants and education partnerships. This move reinforces Wyoming’s bid to become a leading US crypto hub.
Neutral
As a fully reserved, government-backed stablecoin, WYST is designed to maintain a 1:1 peg to the US dollar. Its launch and multi-chain deployment improve adoption but do not introduce price volatility typical of tradable tokens. Kraken’s relocation bolsters the ecosystem but does not directly affect WYST’s stability. Therefore, market impact on WYST’s price is expected to remain neutral.