Wyoming is starting its work on the state’s stablecoin, or, as it’s officially called, the “stable token” project, by opening a job position to head the Stable Token Commission. The prospective executive will head a team, which is responsible for creating an appropriate legislative framework for the project.
The post was opened on 20 July on the website of the federal government for civil jobs. The commission seeks to appoint an executive director, who will lead a team that will include the Wyoming governor, the state auditor, the state treasurer and four “expert appointees.” 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 and is slated to become law by March 2023. The act authorizes the issuance of a stablecoin pegged to the US dollar, redeemable for fiat held in an account by the state.
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According to the law text, the Stable Token Commission is responsible for, among others, deciding the total number of tokens to be issued, setting requirements for redemption, and selecting financial institutions to manage the tokens.
In April 2023, a similar initiative took place in the state of Texas, where lawmakers introduced a bill to create a state-based digital currency backed by gold. At the same time, several United States lawmakers have recently argued against the federal government’s interest in introducing a central bank digital currency.
Wyoming holds the record for crypto-friendly jurisdiction. Recently, the state’s governor, Mark Gordon, signed a bill preventing the forced disclosure of private keys in order to protect the privacy of digital asset owners. And in April, state Attorney General Bridget Hill requested intervention in the case between Custodia Bank and the Federal Reserve System to defend its framework allowing some crypto firms to qualify as state-chartered banks.
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