Wyoming seeks ‘stable token’ commission head in first steps to establish state stablecoin
July 25, 2023The United States state of Wyoming is beginning its work on its stablecoin, officially called the “stable token” project, by opening a job position for the head of the stable token commission. The executive will lead a team responsible for making a proper legislative framework for the project.
The position was opened on the federal government’s website for civil jobs on July 20. The commission seeks to hire an executive director who would lead a team comprised of the Wyoming governor, state auditor, state treasurer and four “expert appointees.” The state is looking for someone with connections and expertise in the blockchain industry, promising a $150,000 annual salary.
The Wyoming Stable Token Act was introduced in February 2022, becoming law in March 2023. The act authorizes the issuance of a U.S. dollar-pegged stablecoin redeemable for fiat held in an account by the state.
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According to the text of the law, the stable token commission is responsible, among others, for deciding the overall number of tokens to be issued, concluding the requirements for redemption, and selecting the financial institutions to manage the tokens.
In April 2023, a similar initiative was proposed in the state of Texas, where lawmakers introduced bills for creating a state-based digital currency backed by gold. At the same time, several U.S. lawmakers have argued against the federal government’s interest in introducing a central bank digital currency.
Wyoming is a crypto-friendly jurisdiction. Recently, the state’s Governor, Mark Gordon, signed a bill preventing the forced disclosure of private keys to protect the privacy of digital asset owners. And in April, the state’s Attorney General Bridget Hill requested to intervene in the case between Custodia Bank and the Federal Reserve, seeking to defend its framework allowing certain crypto firms to qualify as state-chartered banks.
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