Token

2024

United

The State of Wyoming is hiring blockchain developers to support the creation of its government-issued stablecoin currency.
The Wyoming Stable Token Commission has issued public Requests for Qualification to attract talent for its stablecoin initiative, known as “Project WYST.”
Stablecoins are digital currencies that trade with 1:1 dollar parity, allowing users to deploy U.S. dollars in blockchain markets and decentralized finance venues. The sector has over $200 billion in circulation, and stabelcoins <a href="https://crypto.news/stablecoin-issuers-hold-120b-in-t-bills-us-treasury/" target="_blank" rel="noopener noreferrer nofollow">feature</a> in most cryptocurrency transactions, according to the U.S. Treasury Department.
Applicants have until Dec. 12 to submit their proposals for roles that include token development, support, listing, on-chain analysis, reserve management, financial auditing, and ecosystem intelligence.
WYST details remain limited, but Commission discussions indicate it may launch on Ethereum or Solana networks.
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 ICYMI: our public Request For Qualification period is underway. 7 RFQs are now open to support the development of the world’s first state-issued and fiat-backed stabletoken. Submission deadline is Dec 12 2024 @ 5PM MT. Apply now at the RFQ Info Center: <a rel="noopener noreferrer nofollow" href="https://t.co/u5OKK0QHWm" target="_blank">https://t.co/u5OKK0QHWm</a>— wyostable (@wyostable) <a href="https://twitter.com/wyostable/status/1864436315141623841?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">December 4, 2024</a>
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The Wyoming Stable Token Act, passed in 2023, authorized the state to issue stablecoins. According to the WyoStable Commission website, WYST is designed to represent and be redeemable for one U.S. dollar held in trust by the state. Tokens will only be issued in exchange for U.S. dollars.
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 WYST is a proposed virtual currency representative of and redeemable for one (1) United States dollar held in trust by the state of Wyoming as provided by W.S. 40‑31‑106. Stable tokens shall only be issued in exchange for United States dollars.
 WyoStable Commission <a href="https://stabletoken.notion.site/Wyoming-Stable-Token-Commission-100c90ef13ad800ab69ff642da4ae0dc?p=dea0a50613d84cec9441f43548724ba8&amp;pm=s" target="_blank" rel="noopener noreferrer nofollow">website</a>
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Wyoming has positioned itself as a web3 leader with U.S. borders. In March, the state officially <a href="https://crypto.news/wyoming-bill-dao-legal-entities/" target="_blank" rel="noopener noreferrer nofollow">recognized</a> decentralized autonomous organizations as legal entities.
The landmark crypto bill reaffirmed sovereign acceptance for DAOs amid regulatory uncertainty, predominantly from the Securities and Exchange Commission. Kraken also <a href="https://crypto.news/kraken-launch-wyoming-custody-solution/" target="_blank" rel="noopener noreferrer nofollow">launched</a> its licensed custody solution in the state in March.
Back in February 2023, local lawmakers <a href="https://crypto.news/crypto-friendly-wyoming-passes-bill-to-protect-private-keys/" target="_blank" rel="noopener noreferrer nofollow">passed</a> a bill to protect crypto self-custody, protecting the right to hold Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) and other digital assets. Wyoming Senator Cynthia Lummis was at the forefront of Federal Congressional efforts to <a href="https://crypto.news/senator-lummis-u-s-is-going-to-build-a-strategic-btc-reserve/" target="_blank" rel="noopener noreferrer nofollow">establish</a> a national Bitcoin reserve. Thousands <a href="https://crypto.news/bitcoin-bill-gains-support-thousands-push-us-senators-to-back-it/" target="_blank" rel="noopener noreferrer nofollow">penned</a> letters supporting her BITCOIN BILL, per crypto.news reporting.
Other states were following suit and <a href="https://crypto.news/bitcoin-advocate-hints-at-strategic-reserve-laws-in-10-us-states/" target="_blank" rel="noopener noreferrer nofollow">mulled</a> Bitcoin reserve legislation as the U.S. voted its first pro-BTC president in Republican Donald Trump.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/riot-pads-bitcoin-trove-with-500m-note-sale/"> Riot pads Bitcoin trove with $500m note sale </a>

Wyoming seeks developers for state-backed stablecoin

crypto.news

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