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08/26/2024
Wyoming Aims to Launch US Dollar-Backed Stablecoin in 2025
PYMNTS
Wyoming is reportedly developing its own U.S. dollar-backed stablecoin to be used for consumer payments.
The state plans to launch the Wyoming Stable Token in the first quarter of 2025, CNBC reported Friday (Aug. 23).
“It is clear to me that digital assets are going to have a future,” Wyoming Governor Mark Gordon told CNBC at the Wyoming Blockchain Symposium in Jackson Hole. “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.”
Advocates of the project the Wyoming stable token will provide a faster and cheaper way for individuals and businesses to transact, will create a new revenue stream for the state and may serve as a model for a stablecoin at the federal level, according to the report.
Gordon said the stablecoin will be transparent, fully backed by short-term Treasurys and dollar-dependent, per the report.
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