Wyoming Is Creating a US Dollar-Backed Stablecoin Called the Wyoming Stable Token

The group behind the Cowboy State's stablecoin envisions the project as the model for a US digital dollar.

Wyoming is preparing to launch a stablecoin, pegged to the US dollar, in Q1 2025. The token will be available for retail use and is being touted as a faster, cheaper way to transact business.

The project is being spearheaded by the Wyoming Stable Token Commission, which was established in 2023. The commission is tasked with developing and overseeing the stablecoin, in close collaboration with the Wyoming Blockchain Task Force.

According to a report by CNBC, the stablecoin is envisioned as a model for a US digital dollar. Wyoming Governor Mark Gordon highlighted the importance of creating a transparent and dollar-dependent stablecoin, which will pave the way for widespread adoption.

"It is clear to me that digital assets are going to have a future. The United States has to address this issue. Washington's being a little bit stodgy, which is why Wyoming, being a nimble and entrepreneurial state, can make a difference," Gordon told CNBC at the Wyoming Blockchain Symposium in Jackson Hole.

Wyoming has already taken significant steps to foster a crypto-friendly environment, having passed over 30 pieces of legislation since 2018. This includes measures to legalize the use of cryptocurrencies for state tax payments and to establish a regulatory framework for digital asset exchanges.

The stablecoin will be issued to an exchange, which can then offer it to retail users, Flavia Naves, a commissioner at the Wyoming Stable Token Commission, explained to CNBC.

"When you walk into Cowboy Coffee in Jackson, Wyoming, and you want to buy your latte, there's going to be their wallet there in Solana that you can use to buy your coffee with the Wyoming token," she said, outlining her vision for the stablecoin's everyday use.

Naves also addressed concerns about privacy, emphasizing that Wyoming is opting to use several public blockchains, like Ethereum or Solana, rather than private networks, to ensure transparency and minimize privacy risks.

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