Wyoming Seeks to Hire a Leader for its Official Stablecoin Project

According to reports, Wyoming, a state in the Mountain West subregion of the Western United States, has begun employment on its stablecoin, formally referred to as the “stable token” project, by posting an opening for the director of the stable token commission in order to create an appropriate legal structure for the effort. 

Wyoming is Hiring a Team Lead

On July 20, the federal government’s website displayed an open post for civil servants. According to the notification, the board is looking for an executive director to take charge of a committee that includes the Wyoming governor, state auditor, state treasurer, and four “expert appointees.” The state is on the hunt for an individual with blockchain connections as well as expertise and is offering a $150,000 yearly salary.

Stable Token Act

It is noteworthy that the Wyoming Stable Token Act was put forward in the month of February 2022 and signed into law in March 2023. The act authorizes the production of a stablecoin tied to the US dollar and payable for cash deposited in the state’s account. Furthermore, the law is in charge of determining the total number of tokens to be distributed, completing the return procedures, and selecting the financial companies to administer the tokens.

A Similar Stable Token Act in Texas

A comparable proposal had been suggested in the state of Texas in April 2023, when lawmakers submitted bills to create a state-based digital money backed by gold. Simultaneously, numerous United States senators have argued against the government’s interest in adopting a central bank digital currency.

Wyoming is the First State to Allow Banks to Store Crypto

Wyoming is the very first state to allow banks to store digital currencies with government-backed fiat currency within a single facility. However, the Fed declined Wyoming-based crypto bank Custodial Bank’s petition for inclusion in the Fed’s framework in January since the banking company was unable to present a controlled and reliable application that met the essential criteria.