Wyoming Shortlists Aptos, Sei for WYST Stablecoin Pilot

The Wyoming Stable Token Commission has shortlisted Aptos and Sei for its stablecoin pilot program, giving Aptos the highest score among the more than 10 blockchains considered for its forthcoming WYST project.

Aptos disclosed Friday that it received the highest marks based on the commission’s network testing, scoring 32 points. Solana received an identical score of 32 points, though it was not selected for the pilot phase.

Sei, meanwhile, scored 30 points, ahead of Avalanche (27), Ethereum (26), Base (25) and Algorand (21), among others.

The network tests evaluated metrics such as transactions per second, fees and transaction finality, as reported by X user Phillip, who is associated with the Sei project.

WYST is Wyoming’s state-backed stablecoin, pegged to the US dollar and developed in collaboration with LayerZero. News of its development emerged in 2023, several months after the Wyoming Stable Token Act was passed.

Wyoming is launching a stablecoin to generate state revenue by earning interest on reserves held in short-duration US Treasury bonds. The initiative also aims to promote financial innovation and enhance transparency.

In March, Wyoming Governor Mark Gordon teased that the new stablecoin could launch by July. 

Related: Wyoming commission floats whether stablecoin is ‘covered’ by SEC rules

US Senate passes stablecoin bill

Wyoming embraced digital assets and stablecoins, specifically, long before it became fashionable to do so. Following the election of US President Donald Trump, the US government has carved out a pro-crypto strategy, seeking to enact market structure and stablecoin legislation.

Stablecoin legislation took a major step forward as the Senate passed the GENIUS Act in a 68–30 vote on Tuesday, clearing another hurdle on its path to becoming law.

“Once the GENIUS Act is law, businesses of all sizes, and Americans across the country will be able to settle payments nearly instantaneously rather than waiting for days or sometimes even weeks,” said Tennessee Senator Bill Hagerty, who sponsored the legislation.

America’s stablecoin push has caught the attention of Fortune 500 companies, whose leaders are increasingly viewing these dollar-pegged assets as a viable business opportunity.

A recent Coinbase survey, which polled 100 executives from the Fortune 500, found that roughly 29% are either using or exploring the utility of stablecoins, up from just 8% in 2024.

Related: GENIUS Act can make stablecoins ‘part of US financial infrastructure’