The state of Wyoming is positioning itself as a pioneer state in the cryptocurrency industry, promoting a series of initiatives that seek to facilitate the adoption of digital assets.
CNBC recently revealed that the state of Wyoming is considering creating its own stablecoin, with which it seeks to challenge the government's reluctance towards the adoption of cryptoassets and digital payments.
According to the report, the state is preparing to launch a stablecoin next year, which will be pegged to the US dollar in proportion 1:1 and that will be backed by short-term Treasury bonds. Called Wyoming Stable Token, the future stable currency will allow citizens and companies to carry out transactions in a faster and more accessible way, according to Governor Mark Gordon, during the Wyoming Blockchain conference in Jackson Hole.
By creating a dollar-backed stablecoin, the state not only aims to facilitate everyday transactions, but also establish a model that could influence monetary policy at the national level.
Wyoming plans to launch a stablecoin
Governor Gordon stressed that the development of its own stablecoin will contribute to the state's efforts to modernize its financial system. Being backed by Treasury bonds, the stablecoin promises to offer users a faster and cheaper way to make everyday transactions and purchases, like a cafe, within the jurisdiction. Gordon also stated that this project not only seeks to facilitate payments and integrate cryptocurrencies into the daily lives of citizens, but also to create a new source of income for the state.
With this development, the state of Wyoming is preparing to take another innovative step in the crypto industry, and advance its goal of becoming a role model in the adoption of cryptocurrencies and digital assets.
The development of its own stablecoin will also allow the state to offer a viable alternative to the digital dollar that has been under consideration at the federal level for years. According to Gordon, the Wyoming stablecoin is presented as a response to the federal government's lack of action in creating a digital currency that drives the digitization of the fiat currency issued by the Federal Reserve Bank.
“It is clear to me that digital assets are going to have a future”Gordon told CNBC, emphasizing the need for the United States to address the issue of digital assets as soon as possible. “Washington is being a bit heavy, so Wyoming, being an agile and entrepreneurial state, can make a difference”, stressed.
Friendly policies for the development and growth of the crypto world
Wyoming is not new to promoting a favorable regulatory environment for cryptocurrencies. In fact, since 2018, the state has passed several laws related to the crypto industry, creating an attractive legal framework for investors and companies of the sector. The state has taken a proactive approach that has allowed it to stand out as a center of innovation in the cryptocurrency space in the United States.
Behind the promotion of this innovation is Senator Cynthia Lummis, who is considered one of the most influential legislators in the sector. Lummis has been a tireless advocate for Bitcoin and cryptocurrencies at the federal level, expressing her belief in the potential of cryptocurrencies as a way to diversify the American economy. This approach has been a key driver behind crypto-friendly policies in the state of Wyoming.
Cynthia Lummis promotes the so-called “Bitcoin Law”
The US senator has been working to promote a regulatory environment that favors the growth of the crypto industry, advocating for legislation that facilitates innovation and the development of blockchain-based technologies.
Recently, he shared on his X account the need to create a Bitcoin Law that allows the creation of a strategic reserve based on the largest cryptocurrency in the world, in order to preserve the technological and economic leadership of the United States. According to Lummis, Bitcoin is not just a fad, but an essential component of the global financial future.
The senator has stressed that adequate regulation of this innovation can protect investors and encourage development, which in turn can lead to significant growth in this sector.
The combination of Lummis's bold vision and Wyoming's friendly policies is setting a precedent for other states move towards the adoption of cryptocurrencies, creating a more robust ecosystem for the industry across the country. For all of this to take hold, Lummis has also emphasized the importance of education and public understanding of cryptocurrencies and their underlying technology, as a fundamental aspect of their widespread adoption.
With the revelation of plans to launch a stablecoin, Wyoming is taking another bold step towards the legalization and adoption of cryptocurrency payments, redefining the way citizens transact and adapting its current system to the new digital financial landscape.
