Wyoming is creating a US dollar-backed stablecoin called the Wyoming stable token, which it plans to launch in the first quarter of 2025 as a faster, cheaper way to transact business, while creating a new revenue stream for the state, CNBC reported.
The group behind the Cowboy State’s stablecoin envisions the project as the model for a US digital dollar.
Wyoming Governor Mark Gordon told CNBC at the Wyoming Blockchain Symposium in Jackson Hole that success would be “adoption of a stablecoin … that’s transparent, that is fully backed by our short-term Treasurys … that’s dollar dependent.”
He added: “It is clear to me 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.”
Wyoming has passed more than 30 pieces of crypto-friendly legislation since 2018, the report noted.
The state plans to issue the token to an exchange, which can issue it to retail users, Flavia Naves, a commissioner at the Wyoming Stable Token Commission, told CNBC. Then it should be just another everyday payment method, she added.
“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,” she said, describing her vision for the stablecoin.
She said that there should be no concerns with privacy, because Wyoming plans to use several different public blockchains, such as Ethereum or Solana, instead of private networks.
