Wyoming Takes Initiatives to Launch State Stablecoin, Begins Search for ‘Stable Token’ Commission Chief

The State of Wyoming’s Stable Token Commission

The United States state of Wyoming is embarking on the creation of its stablecoin, known as the “stable token” project, and has opened a job position for the head of the stable token commission. The selected executive will play a vital role in leading a team responsible for establishing a proper legislative framework for the stablecoin project.

Job Opening for Stable Token Commission Head

The job position for the head of the stable token commission was listed on the federal government’s website for civil jobs on July 20. The commission aims to hire an executive director who will lead a team comprising the Wyoming governor, state auditor, state treasurer, and four “expert appointees.” The state is looking for an individual with strong connections and expertise in the blockchain industry, offering an attractive annual salary of $150,000.

The Wyoming Stable Token Act

The Wyoming Stable Token Act was introduced in February 2022 and officially became law in March 2023. This act authorizes the issuance of a U.S. dollar-pegged stablecoin that can be redeemed for fiat currency held in an account managed by the state.

According to the text of the law, the stable token commission has several key responsibilities, including:

• Deciding the overall number of stable tokens to be issued
• Establishing the requirements for redeeming the stable tokens
• Selecting financial institutions to manage the stable tokens

Similar Initiatives and Wyoming’s Crypto-Friendly Approach

In April 2023, the state of Texas also proposed a similar initiative, with lawmakers introducing bills to create a state-based digital currency backed by gold. Meanwhile, at the federal level, some lawmakers have expressed opposition to the idea of introducing a central bank digital currency.

Wyoming is widely known for its crypto-friendly stance. Recently, Governor Mark Gordon signed a bill to protect the privacy of digital asset owners by preventing the forced disclosure of private keys. In addition, the state’s Attorney General, Bridget Hill, requested to intervene in the case between Custodia Bank and the Federal Reserve, seeking to defend Wyoming’s framework that allows certain crypto firms to qualify as state-chartered banks.