Wyoming is pushing crypto payments and trying to beat the Fed to a digitaldollar

Wyoming is advancing its efforts in cryptocurrency by developing a U.S. dollar-backed stablecoin, named the Wyoming stable token, set to launch in the first quarter of 2025. This initiative aims to provide a faster and more cost-effective payment method for individuals and businesses while generating new revenue for the state. Governor Mark Gordon emphasized the importance of creating a transparent and fully backed stablecoin, which could serve as a model for a federal digital dollar. The state has a history of fostering a favorable regulatory environment for crypto, having passed over 30 pieces of related legislation since 2018. The Wyoming Stable Token Commission is currently seeking technology partners to facilitate the token's development, which will be available for everyday transactions. The stablecoin will be backed by U.S. Treasurys, with a commitment to transparency and public trust through regular audits. This project is partly a response to the Federal Reserve's hesitance to create a central bank digital currency (CBDC). Wyoming's approach aims to utilize public blockchains, avoiding privacy concerns associated with government-run systems. If successful, the technology could extend beyond the dollar to tokenize other assets like commodities and real estate.

- Wyoming is developing a U.S. dollar-backed stablecoin, the Wyoming stable token, launching in early 2025.

- The initiative aims to provide a faster, cheaper payment method and generate revenue for the state.

- The stablecoin will be fully backed by U.S. Treasurys and will prioritize transparency and public trust.

- This project responds to the Federal Reserve's reluctance to create a CBDC.

- Successful implementation could lead to tokenization of other assets beyond the dollar.