The crypto-friendly state of Wyoming is planning to issue its own "stable token" and could be the first state to take such an action, as more jurisdictions show interest in crypto.
The Cowboy State has the "right ecosystem for development," said Republican Wyoming Gov. Mark Gordon on Wednesday at The Digital Chamber DC Blockchain Summit. "It's a government that is fully accessible; we can turn on a dime, we can make things happen."
The Wyoming Stable Token Commission, created in March 2023 under the Wyoming Stable Token Act, authorized the issuance of "Wyoming Stable Tokens" (WYST). According to a statement released last week, testing on the token will begin in the next few weeks, with a launch date set for July.
The token is to be redeemable for $1 held in a trust by the state and is interchangeable with the term stablecoins, according to the commission's website. Funds from issuing the token would then be placed into a trust and "shall invest funds exclusively in cash, United States treasury bills securities."
Wyoming has been at the forefront of crypto over the years. The state has enacted multiple bills, including one signed into law last year, giving decentralized autonomous organizations legal standing. Another law allows insurance companies to invest in bitcoin and other cryptocurrencies.
"Wyoming is a place that people come to innovate," Gordon said. "We don't like regulation very much. We believe that innovation trumps, forgive the phrase, regulation at every opportunity, but we make sure that we have a consistent role for proper and transparent regulatory structure."
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