Author: Weilin, PANews
At the DC Blockchain Summit held in March, Anthony Apollo, the Executive Director of the Wyoming Stable Token Commission, hosted a special fireside chat with Mark Gordon, the Governor of Wyoming and Chairman of the Stable Token Commission. Apollo officially announced that the Wyoming stablecoin WYST has entered the testing phase on multiple blockchain networks, stating that this is the first stablecoin in the U.S. issued by a public entity, backed and fully reserved by fiat currency.
The Stable Token Commission plans to launch WYST on publicly visible blockchains, including Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon, and Base. These preliminary, valueless test tokens have been deployed on test networks in collaboration with token issuance partner LayerZero.
Despite this, the plan has faced skepticism from senior Republican politicians, raising concerns about Wyoming's establishment of a CBDC (Central Bank Digital Currency).
Wyoming Takes the Lead: The First Public Entity Stablecoin in the U.S.
The Wyoming Stable Token Commission was established in March 2023, based on the Wyoming Stable Token Act. Its mission is to issue stable tokens fully supported by state law and financial responsibility. The goal is to enhance financial transparency through blockchain innovation while promoting economic growth.
In an official statement, the Commission noted that LayerZero's OFT (Omnichain Fungible Token) standard and its extensive experience in secure smart contract development provide a robust, scalable, and compliant solution that meets the legislative requirement for a multi-chain stablecoin.
As part of the initial testing, a demonstration transaction of WYST was conducted between the Ethereum and Avalanche test networks using the LayerZero-supported third-party cross-chain bridge Stargate. The architecture of WYST as an OFT means it can be bridged through any compatible interface—Stargate is just one example.
During the fireside chat, Governor Gordon emphasized Wyoming's commitment to transparency and innovation, pointing out the potential of blockchain technology in creating a secure and efficient financial ecosystem. "We are excited to share Wyoming's vision of state leadership in the capital," Gordon noted. "Our forward-looking approach to blockchain and digital asset legislation makes Wyoming not only a model for other states but also a benchmark for the federal government."
Gordon added that WYST has several advantages, including being over-collateralized with cash and U.S. Treasury bonds to reduce the risk of "decoupling," and using the interest from Treasury bonds for the state education fund, thus achieving financial returns. WYST is expected to be tested until the end of the second quarter of 2025, with plans for an official launch in July of the same year.
According to the Commission's official website, both leaders have backgrounds in finance and blockchain. Mark Gordon has served as the Governor of Wyoming since November 2018 and has signed over 30 pieces of legislation related to cryptocurrency, blockchain, and digital assets. He previously served as Wyoming's State Treasurer (2012–2019). Anthony Apollo was appointed as the first Executive Director of the Stable Token Commission in September 2023, bringing extensive experience from traditional finance (KPMG, EY) and the blockchain industry (ConsenSys, Rensa).
Notably, Cynthia Lummis, who supports the Bitcoin national strategic reserve, is also a senator from Wyoming.
On March 27, the Wyoming Stable Token Commission's X platform account shared a photo of Executive Director Anthony Apollo with Bo Hines, Executive Director of the President's Digital Asset Advisory Committee, captioned, "We look forward to continuing the dialogue with government supporters of digital asset management in the coming years."
Stablecoin or CBDC? The Commission Faces Criticism from Republican Colleagues
Although the Commission emphasizes that WYST is not issued by a central bank and is fundamentally different from a Central Bank Digital Currency (CBDC), the project has been treated with sensitivity within Republican circles in the U.S.
On March 27, following the latest updates on the WYST plan, U.S. House Majority Whip and Republican Tom Emmer publicly criticized his party colleagues for the first time.
"I respect the votes of the people of Wyoming; however, I personally strongly oppose any government-issued tokenized version of its currency," Tom Emmer stated to the media. "At the federal level, this would be seen as a Central Bank Digital Currency."
Central Bank Digital Currency (CBDC), the digital version of a national legal tender, has become a "monster" that Republican politicians fear in recent years. Republican governors and former President Trump have worked to ban the development of CBDCs in the U.S., as they are seen as a threat to user privacy. Unlike decentralized crypto assets, CBDCs are issued and managed by central authorities, with the ability to freeze and track funds, considered to lack censorship resistance, and could be used for government intervention in personal finances.
In response, Apollo firmly denied equating WYST with CBDC. He stated that he also opposes the concept of state-supported CBDCs, but WYST is a completely different product. "Wyoming values privacy very much," Apollo said. "We will establish rules that clearly define what we can collect, what we cannot collect, how we handle this data, and how we act based on this data."
"Wyoming is not a central bank," Apollo added. "We are not issuing any cash."
However, Apollo also acknowledged that the public and legislators frequently raise the question of whether "WYST is equivalent to CBDC." This issue is also a significant concern within Wyoming. Just weeks ago, Governor Gordon signed a bill prohibiting the development of CBDCs within the state, clearly expressing the state government's opposition to "controlled digital currencies."
A Pioneer State in Crypto Legislation: Actively Embracing Bitcoin with Four Related Bills Proposed This Year
Wyoming is not new to attracting attention due to blockchain legislation. Over the past decade, it has continuously advanced friendly legislation in the digital asset space. Since 2019, the state legislature has passed over 30 related bills. This year, pro-cryptocurrency legislators have proposed four core bills:
HB 201: State Funds Investment in Bitcoin
Proposed by Republican Representative Jacob Wasserburger, this bill allows up to 3% of state treasury funds to be invested in Bitcoin, aiming to position Wyoming ahead of the federal government in potentially accepting Bitcoin. Although the bill ultimately did not pass, Wasserburger stated he would continue to promote related education and legislative efforts.
HB 256: Establishment of a Blockchain Special Committee (Not Passed)
HB 264: Prohibition of CBDC
Proposed by Representative Daniel Singh, this bill aims to prohibit state agencies from accepting CBDC payments and does not allow taxpayer funds to be used to build CBDC infrastructure, clearly expressing Wyoming's resistance to CBDCs.
HB 308: Crypto Frontier Bill
The last major bill related to cryptocurrency is another proposal by Singh. HB 308 would authorize the state attorney general to "investigate specific federal overreach involving blockchain or cryptocurrency." This bill aligns with the goals of Singh and Wasserburger to enhance the state's ability to operate digital currency without federal intervention. However, the bill has not yet been considered for introduction in the House.
Currently, despite some controversy surrounding the testing deployment of WYST, the plan holds significant exploratory significance at the state level and poses challenges to the federal government's path choices regarding CBDC and stablecoin regulation.
On one hand, Wyoming demonstrates through action that stablecoins do not have to be controlled solely by private entities; local governments can also build compliant and publicly responsible digital currency products. On the other hand, the advancement of the project raises the question: where exactly is the boundary between public stablecoins and CBDCs?
In the coming months, WYST will continue to operate on the test network and gradually accept external audits and public evaluations. Will it become the first successful example of a state-level "on-chain dollar" in the U.S.? This will not only impact Wyoming but may also influence the overall direction of digital currency development in the United States.
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