Wyoming plans to launch a stablecoin in the first quarter of 2025, CNBC says. Creators envision it as a model for the federal government. Wyoming has passed several regulations favorable to crypto.
Wyoming is creating a US dollar-based stablecoin called the Wyoming Stable Token, which it plans to launch in the first quarter of 2025 as a faster, cheaper way to do business while creating a new revenue stream for the state. CNBC reported.
The group behind Cowboy State's stablecoin envisions the project as a model for the US digital dollar.
Wyoming Governor Mark Gordon said CNBC Success at the Wyoming Blockchain Symposium in Jackson Hole was “the adoption of a stablecoin … that's transparent, that's fully backed by our short-term treasuries … that's dollar-denominated.”
He said: “It's clear to me that digital assets have a future. America needs to solve this problem. Washington is a bit of a letdown, so Wyoming being a nimble and entrepreneurial state makes a difference.
Wyoming has passed more than 30 crypto-friendly laws since 2018, the report said.
The state plans to issue the token to an exchange that can issue it to retail customers, said Flavia Naves, commissioner of the Wyoming Stable Token Commission. CNBC. Then it should be another daily payment method, she added.
“When you go into Cowboy Coffee in Jackson, Wyoming and you want to buy your latte, Solana has their wallet, you can buy your coffee with a Wyoming token,” she explained of her vision. A stable coin.
Because Wyoming plans to use several different public blockchains, such as Ethereum or Solana, instead of private networks, there shouldn't be any concerns with privacy, she said.
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