State of Wyoming Pushing for Adoption of Its Own Dollar-Backed Stablecoin: Report
Wyoming is reportedly planning to soon launch its own stablecoin pegged to the US dollar in an effort to generate additional revenue.
CNBC reports that the state is hoping to roll out the so-called Wyoming stable token by the first quarter of 2025.
The token project aims to allow businesses and individuals to transact in a faster and cheaper way while also generating revenue for the state.
Wyoming Governor Mark Gordon says he will push for the adoption of a “transparent” stablecoin fully backed by the state’s short-term Treasury holdings.
“One of the big things for me is to be able to bring back onshore a lot of our debt because if it’s bought by treasuries and supported by Treasurys, it will help to stabilize that market to a degree…
[What] is clear to me is that digital assets are going to have a future. The United States has to address this issue. Washington’s being a little bit stodgy, which is why Wyoming, being a nimble and entrepreneurial state, can make a difference.”
The state’s effort is being led by the Wyoming Stable Token Commission, which is currently reviewing potential partners to help launch the token, including exchanges and wallet providers.
The state is planning to issue the token to an exchange, which in turn would make it accessible to retail users.
Flavia Naves, a commissioner at the Wyoming Stable Token Commission, says that one of the project’s goals is to have the token used for everyday purchases.
Says Naves,
“When you walk into Cowboy Coffee in Jackson, Wyoming, and you want to buy your latte, there’s going to be their wallet there in Solana that you can use to buy your coffee with the Wyoming token.”
Naves also says that the state will hold a “buffer” in the reserves to keep the stablecoin’s US dollar parity in case there’s a crisis. She also emphasizes the state’s commitment to transparency to maintain public trust.
“There will be audits available to the public on how many tokens [are] in circulation [and] how much money is in the bank account backing, so you can always see there is a 1-to-1 [stablecoin-to-dollar ratio]. This is a public token as well so as with any public service, all the information is available.”
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Author: Daily Hodl Staff
