New York, Tuesday, September 03, 2024 – The state of Wyoming is set to introduce a U.S. dollar-backed stablecoin, WST, in the first quarter of 2025.
This initiative follows the passage of the Wyoming Stable Token Act in March 2024, marking a significant step in the state’s ongoing blockchain and digital assets efforts.
The stablecoin will be backed by cash, U.S. Treasuries, and reverse repos, with specific guidelines limiting the maturity of Treasuries to 365 days.
The project aims for nationwide usage, although an initial analysis suggested limited adoption within Wyoming alone.
If utilized across the United States, the stablecoin could achieve a market capitalization of $118.4 million, generating an estimated $5 million in annual revenue. Wyoming’s Stable Token Commission has been allocated a budget of $5.8 million, with plans to reinvest interest earnings into state public goods, including education.
Wyoming’s stablecoin is expected to initially launch on the Solana blockchain, with future plans to expand onto multiple platforms. This stablecoin marks the first step in Wyoming’s larger strategy to leverage blockchain technology for various state-related assets and obligations.
Governor Mark Gordon emphasized Wyoming’s proactive approach to digital assets during the Wyoming Blockchain Symposium, contrasting it with what he described as the federal government’s sluggish response.
Gordon hinted at broader ambitions for blockchain technology within the state, including potential applications for commodities like gold or oil and real estate.
