Wyoming to launch State Stablecoin, seeks commission head

The state of Wyoming in the United States is currently offering a job opportunity in the civil sector. As stated on the federal government website, they are searching for a qualified individual to lead a team in developing a legislative framework for the state’s stablecoin project.

Known as the Wyoming Stable Token Act, this project became law in March 2023 after being introduced in February 2022. The Act grants authorization for the issuance of a stablecoin that is pegged to the U.S. dollar, with redemption options backed by fiat held by the state.

The commission responsible for overseeing this project will be led by the executive director and will consist of the Wyoming governor, state auditor, state treasurer, and four “expert appointees,” each with their own set of responsibilities.

Meanwhile, Wyoming has gained recognition as a crypto-friendly jurisdiction. Recently, Governor Mark Gordon signed a bill supporting the privacy of digital asset owners and preventing the forced disclosure of private keys.

In addition, Attorney General Bridget Hill defended Wyoming’s framework that allows certain crypto firms to qualify as state-chartered banks in a case involving Custodia Bank and the Federal Reserve.

However, Wyoming is not the only U.S. state making waves in the world of crypto. In April 2023, Texas lawmakers proposed a similar initiative to create a state-based digital currency backed by gold. Nevertheless, several U.S. lawmakers have voiced opposition to the federal government’s interest in introducing a central bank digital currency.

Read also: 

Chiliz Scores US trademark Approval for ‘Fan Token’

ASIC Cancels FTX Australia’s Financial License