Wyoming is reportedly planning to soon launch its own stablecoin, pegged to the US dollar, in an effort to generate additional revenue.
CNBC reports that the state hopes to roll out the so-called Wyoming stable token by the first quarter of 2025.
The token project aims to enable companies and individuals to conduct transactions faster and cheaper while generating revenue for the state.
Wyoming Governor Mark Gordon says he will push for the adoption of a “transparent” stablecoin, fully backed by short-term government bonds.
“One of the most important things for me is that we can recover a large part of our onshore debt, because if it is bought by government bonds and backed by government bonds, it will help to stabilize that market to some extent…
[What] To me it is clear that digital assets will have a future. The United States must address this problem. Washington is a bit stiff, and that’s why Wyoming, as an agile and enterprising state, can make a difference.”
The state’s efforts are led by the Wyoming Stable Token Commission, which is currently assessing potential partners to help launch the token, including exchanges and wallet providers.
The state plans to issue the token to an exchange, which would in turn make it accessible to private users.
Flavia Naves, commissioner at the Wyoming Stable Token Commission, says one of the goals of the project is to have the token used for everyday purchases.
Says Naves,
“If you walk into Cowboy Coffee in Jackson, Wyoming, and want to buy your latte, there will be their wallet right there in Solana that you can use to buy your coffee with the Wyoming token.”
Naves also says the state will maintain a “buffer” in reserves to maintain the stablecoin’s parity in the US dollar in case a crisis breaks out. She also emphasizes the state’s commitment to transparency to maintain public trust.
“There will be audits available to the public on how many tokens [are] in circulation [and] how much money is in the bank account, so that you can always see that this is a 1-on-1 conversation [stablecoin-to-dollar ratio]. This is a public token, so as with any public service, all information is available.”
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