Wyoming is reportedly developing its own USD-backed stablecoin to be used for consumer payments.
The state plans to launch the Wyoming Stable Token in the first quarter of 2025, CNBC reported on Friday (Aug. 23).
“It’s clear to me that digital assets are going to have a future,” Wyoming Gov. Mark Gordon told CNBC at the Wyoming Blockchain Symposium in Jackson Hole. “The United States must deal with this problem. Washington is a little tight, so Wyoming, as a nimble and entrepreneurial state, could make a difference.”
Backers of the project, Wyoming’s stablecoin would provide a faster and cheaper way for individuals and businesses to transact, create a new revenue stream for the state and could serve as a model for a stablecoin at the federal level, according to the report.
Gordon said the stablecoin would be transparent, fully backed by short-term government bonds and pegged to the dollar, according to the report.
Wyoming is already working to create a favorable regulatory environment for crypto, having passed more than 30 pieces of legislation related to the field since 2018, according to the report.
The country is currently vetting potential vendors and partners to provide exchanges, digital wallets and other technology needed for the stable token, according to the report.
Wyoming aims to make stablecoin a payment method for everyday use, Flavia Neves, a commissioner on the Wyoming Stable Token Commission, said in the report.
“When you go into Cowboy Coffee in Jackson, Wyoming, and you want to buy a latte, there in Solana will be their wallet that you can use to buy your coffee with the Wyoming token,” Neves said, according to the report.
Stablecoins are a type of currency designed to maintain a stable value by tying their value to a fiat currency, PYMNTS reported in April. Unlike traditional cryptocurrencies like Bitcoin, which are notorious for their price fluctuations, stablecoins offer a level of stability that mirrors that of traditional currencies.
At the federal level, U.S. Sen. Kirsten Gillibrand, D-N.Y., and Sen. Cynthia Loomis, R-Wyo., have introduced legislation to govern the use of stablecoins.
