Wyoming is taking its obsession with blockchain to the next level. Governor Mark Gordon recently announced that the state plans to launch its own stablecoin, pegged to the U.S. dollar, in 2025.
Gordon is serious about making Wyoming the first U.S. state to issue its own digital currency. The announcement came at the Wyoming Blockchain Symposium, where he laid out the state’s ambitious plan.
The governor, who also chairs the Wyoming Stable Token Commission, said the stablecoin would be backed by the US Treasury bills and repurchase agreements.
Gordon didn’t waste any time throwing shade at the federal government during his speech. He criticized the government’s approach to the 2007-2008 financial crisis, especially the bailouts that followed.
“There was a time before 2008 when capitalism was really important and that meant failure could happen,” Gordon said. He added that Wyoming doesn’t buy into the whole “too big to fail” philosophy that dominated federal policy after the crisis.
He’s got a point. The financial crisis was a mess, fueled by mortgage-backed securities and risky debt instruments. But Gordon’s beef isn’t just with the past. He’s concerned about the future.
He argues that the “too big to fail” mindset is the opposite of what Wyoming stands for. The state values risk because, as Gordon puts it, risk is essential for real growth.
The governor believes that being a “first mover” in this space will give Wyoming a huge advantage. He sees the stablecoin as a way to boost the state’s economy and solidify its reputation as a leader in digital asset regulation.
Gordon also took a jab at the Federal Reserve, calling it a “drag on innovation.” He pointed out that the U.S. has had two failed central banks in its history—the First Bank and the Second Bank of the United States, both of which were scrapped under the Madison and Jackson administrations.
According to Gordon, the current Federal Reserve system isn’t doing much better. He believes that Wyoming’s proactive stance on blockchain and digital assets is a much-needed antidote to the stagnation he sees in the federal system.
By launching its own stablecoin, Wyoming is essentially saying, “We’re not waiting around for the Fed to get its act together.”
The state is also venturing into some pretty weird territory with a mayoral candidate who wants to be replaced by an AI bot.
Victor Miller, a nonpartisan candidate running for mayor of Cheyenne, recently proposed an idea that’s as futuristic as it is controversial. If elected, he plans to hand over the reins to an AI bot named “VIC,” short for Virtual Integrated Citizen.
But not everyone is on board with this idea. According to reports, technology company OpenAI shut down Miller’s account when he tried to use its software for the VIC bot.
The company’s policies prohibit using its tech for political campaigning or lobbying, so Miller hit a roadblock. Despite this setback, he’s still pushing forward with his campaign.