Wyoming, known for its crypto-friendly stance, is planning to issue its own “stable token,” potentially becoming the first state to do so as interest in crypto grows.
Governor Mark Gordon emphasized Wyoming’s ideal environment for innovation at The Digital Chamber DC Blockchain Summit, stating, “We have a government that is fully accessible and can act quickly to make things happen.”
The Wyoming Stable Token Commission, established in March 2023 through the Wyoming Stable Token Act, has authorized the creation of “Wyoming Stable Tokens” (WYST). According to a recent statement, testing will begin soon, with a launch planned for July.
The token, redeemable for $1 held in a state trust, is synonymous with stablecoins per the commission’s website. Proceeds from the token issuance will be placed into a trust, investing solely in cash and US treasury bill securities.
