The state of Washington plans to launch a stablecoin named WYST in July 2025, which will be the first stablecoin issued by a U.S. entity and backed by fiat currency. The WYST token will be fully supported by U.S. Treasury securities, cash, and repurchase agreements, and will maintain a capitalization requirement of at least 102%. Governor Mark Gordon stated that the token will help farmers and ranchers develop new markets and plans to use blockchains such as Solana, Ethereum, and Polygon.