Wyoming To Launch Stablecoin In Major Push for Crypto

Wyoming is pushing for the next phase of its crypto sector growth. This time around, the state is looking at venturing into consumer payments. Only a few weeks ago, the University of Wyoming announced plans to launch the Bitcoin Research Institute this August. Notably, this comes at a time when crypto demand is growing quickly. 

This development also coincides with many crypto-related firms wondering what the next move is with Bitcoin and Ethereum ETFs already ahead of the way. Crypto investing is becoming more mainstream and institutionalized, especially with the introduction of spot Bitcoin ETFs in January.

Wyoming Names Stablecoin Wyoming Stable Token

Wyoming plans to launch its United States dollar-pegged stablecoin as part of this new phase and has decided to name it Wyoming stable token. The stablecoin will launch officially in the first quarter of next year. Wyoming hopes to offer individuals and businesses a faster and cheaper way to conduct transactions. 

In addition, it would serve as an extra source of revenue for the state. On a larger scale, Wyoming’s stable token will serve as a model for the future federal digital dollar. According to Wyoming Governor Mark Gordon, success for the state is equivalent to the “adoption of a stablecoin … that’s transparent, that is fully backed by our short-term Treasurys [and] that’s dollar dependent.” 

Digital Assets Are Going to Have a Future 

At the Wyoming Blockchain Symposium in Jackson Hole, Gordon noted that bringing back a significant percentage of Wyoming’s debt onshore is a big deal for him. To put this in perspective, having treasuries buy the debt and getting support from Treasurys goes a long way toward stabilizing that market.

Gordon acknowledged the potential for digital assets to reach unprecedented levels. “The United States has to address this issue. Washington’s being a little bit stodgy, which is why Wyoming, a nimble and entrepreneurial state, can make a difference.”

Ripple to Launch RLUSD Stablecoin 

Overall, the rate of stablecoin adoption reflects the growing desire among many investors, individuals, and organizations. Crypto experts, including Markus Thielen, head researcher at 10x Research, say an influx of stablecoin issuance might be the catalyst for Bitcoin’s next significant price surge.

Ripple is nearing the official launch of its USD-backed stablecoin RLUSD. Popular stablecoin issuer Tether is working towards developing a UAE dirham-based stablecoin as part of its plans to expand its suite of stablecoins.