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Cryptocurrency

Wyoming’s plan for a stablecoin is on course for its launch this July

Wyoming’s state-backed stablecoin is on course to launch by July, according to Governor Mark Gordon. The state has partnered with LayerZero to develop and test the digital asset to make financial services more innovative and efficient.

Governor Mark Gordon has stated that progress on the digital asset could lead to the launch of Wyoming’s state-backed stablecoin by July. The Wyoming Stable Token Commission has chosen LayerZero to develop and deploy the stablecoin. This marks an important development as the state adopts blockchain technology.

Wyoming Governor Mark Gordon, speaking at the DC Blockchain Summit, said blockchain solutions are the future. Anthony Apollo, who serves as the executive director of the Wyoming Stable Token Commission, added credence to these assertions, saying that the token is currently being tested on various networks. “Our Wyoming stable token is already deployed in several test networks,” Apollo said.

With its pro-crypto regulations, Wyoming has been leading the way in digital assets. The Wyoming Stable Token Act 2022 aimed to create a stablecoin, the value of which would be pegged to the U.S. dollar and redeemable for fiat currency. The bill became law in March 2023, enabling a team of financial and technical professionals to oversee the project.

Based on this legislation, the state established the Stable Token Commission and recruited experienced professionals to structure the stablecoin. Governor Gordon initially pointed to a Q1 2025 launch at the Wyoming Blockchain Symposium in August 2024, adding that the stablecoin would be backed by short-term U.S. Treasury Bills and repurchase agreements. Even though there were slight delays in the project, it is now almost complete and scheduled to launch in July.

While giving the speech, Governor Gordon criticized financial institutions for their suffocating innovation. In addition, he said, they have become too reliant on the old. He said that blockchain technology can help solve all these problems and can bring evolution. Apollo echoed this thought, stating the need for an on-chain public budget that will ensure transparency.

Wyoming is in the process of launching its stablecoin and becoming a leader in the government adoption of digital assets. As blockchain technology gains worldwide popularity, it is believed that Wyoming could lead the charge toward a digital asset future. This will pave the way for others to follow.

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Alex
Formally freelance blogger Alex is passionate writer with interest in Finance and Business, fascinated about crypto following news and covering stories.
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