Wyoming Launches "Stable Token" Project, Starts Searching for Commission Lead

Wyoming, one of the fifty states in the United States, is taking concrete steps towards the development of its state stablecoin, officially tagged the "stable token" project.

The state starts its preparatory works by searching for the head of the "stable token" commission, a role integral to creating the legislative groundwork for the venture.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

Non-custodial Wallet: Why Do You Need It Right NOW

SUBSCRIBE

ON YOUTUBE

On July 20th, the position appeared on the federal government's civil jobs website, indicating the search for the project's Executive Director.

According to the job description, the individual will lead a group that includes the Wyoming Governor, State Auditor, State Treasurer, and four expert consultants. The successful candidate would preferably have an established network and proficiency within the blockchain industry, with a promised yearly wage of $150,000.

Wyoming's journey towards stable token adoption started with the introduction of the Wyoming Stable Token Act in February 2022, which became law in March 2023. This act permits the creation of a stablecoin, pinned to the US dollar and exchangeable for fiat stored in a state-managed account.

The law stipulates that the stable token commission will oversee various critical decisions, such as the total quantity of tokens to be issued, determining redemption prerequisites, and choosing financial institutions to supervise the tokens.

Interestingly, Texas has also proposed a similar project in April 2023, which involves launching a gold-backed digital currency. However, these initiatives have seen resistance from some US lawmakers who are against the idea of the federal government introducing a central bank digital currency.

Wyoming's progressive steps towards the development of a state stablecoin underscore its commitment to digital currency integration and blockchain technology. As the state takes the lead, the next chapter of crypto-friendly legislation and privacy protection for digital asset owners continues to unfold.