PANews reported on June 21 that according to The block, the Wyoming Stable Token Committee is a government-backed organization responsible for developing the WYST stablecoin. According to its latest monthly meeting minutes, the committee plans to launch the mainnet on August 20. The organization has not yet determined which of the 11 blockchains, Aptos, Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, Sei, Solana, Stellar, and Sui, WYST will be officially launched on. However, the first state-backed stablecoin may be selected to be issued on multiple blockchains.

According to the latest timeline, the organization plans to “migrate the WYST smart contracts to” a designated “candidate” blockchain. After that, the organization will conduct “production testing” by “funding a small WYST purchase using institutional funds and ensuring the end-to-end process is in place” in preparation for a public launch scheduled for August during the Wyoming Blockchain Symposium.

Earlier news said that Wyoming's stablecoin WYST has entered a critical testing phase, and the governor said it is expected to go online in July.