According to Bloomberg, Wyoming Governor Mark Gordon stated at the DC Blockchain Summit held on March 26 that the state's stable token program could be ready by July. Additionally, the Wyoming Stable Token Commission has announced that it has selected the cross-chain interoperability protocol LayerZero as the development and issuance partner for the stable token.
Wyoming Stable Token
Gordon praised the Wyoming government's rapid development and efficient application of blockchain technology in his speech. Wyoming Stable Token Commission Executive Director Anthony Apollo also confirmed:
The Stable Token Commission has officially partnered with LayerZero as our token development and issuance partner. Currently, the Wyoming Stable Token is operational on multiple test nets.
According to reports, the token will be fully backed by U.S. Treasury bonds, cash, and repurchase agreements, maintaining a capitalization requirement of at least 102%. Wyoming plans to generate new revenue through the interest income of reserve assets to fund education and infrastructure. Governor Mark Gordon stated that the token could also help farmers and ranchers develop new markets.
Wyoming Stable Token Commission
The plan for Wyoming's stable token dates back to February 2022, when Wyoming legislators proposed the Wyoming Stable Token Act, aiming to establish a state government stable token pegged 1:1 to the U.S. dollar and redeemable for fiat currency.
The bill was officially signed into law in March 2023, allowing the Wyoming Department of Treasury to assemble a team of professional accountants, auditors, and technical experts responsible for issuing and managing the state's stable token supply. Following the passage of the bill, Wyoming began recruiting officials and senior management to establish the Stable Token Commission, dedicated to researching and developing the state's stable token.
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