Wyoming is all set to launch its own US dollar-pegged stablecoin, called the ‘Wyoming stable token’, in the Q1 of 2025 in its latest crypto undertaking.
Wyoming stablecoin aims to offer users a faster and cheaper way to transact and also intends to add a new revenue stream for the state. The developers behind Wyoming stablecoin want the stablecoin to be the model for a digitized dollar at the federal level.
“Success would be “adoption of a stablecoin … that’s transparent, that is fully backed by our short-term Treasurys [and] that’s dollar dependent,” Wyoming Governor Mark Gordon told CNBC at the Wyoming Blockchain Symposium in Jackson Hole. “One of the big things for me is to be able to bring back onshore a lot of our debt, because if it’s bought by treasuries and supported by Treasurys, it will help to stabilize that market to a degree.”
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Gordon believes in the future of digital assets and considering the entrepreneurial state of Wyoming, he believes this crypto effort can make a difference.
Another use-case of its stablecoin is Wyoming’s vision to do public good. The commission plans to invest reserves that support ‘each token in circulation into Treasurys and reverse repos’, and wants to fund its public schools using the interest incurred from those investments.
The stablecoin-to-dollar ratio would be available depending on the audits available to the public on how many tokens are in circulation and how much money does the bank account backs.
Also Read: Can Tether’s Dirham Stablecoin Drive Crypto Adoption in UAE?
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