This U.S. State Could Launch its Own Stablecoin in the Beginning of 2025

Wyoming Governor Mark Gordon recently addressed the Wyoming Blockchain Symposium, highlighting the state’s commitment to blockchain technology and unveiling plans for a state-backed stablecoin slated for release in 2025.

As Chairman of the Wyoming Stable Token Commission, Gordon revealed that the stablecoin will be supported by US Treasury bills and repurchase agreements. The state plans to collaborate with exchange partners for the coin’s listing in the first quarter of 2025.

Gordon used the opportunity to criticize the government’s response to the 2007-2008 financial crisis, which involved substantial bailouts and regulatory changes. He argued that this “too big to fail” mentality contradicts Wyoming’s belief in the necessity of risk for genuine progress. Gordon emphasized Wyoming’s advantage as an early adopter of digital asset regulations, positioning the state to benefit from the growth in this sector.

He also criticized the Federal Reserve system, describing it as a hindrance to innovation and citing the failures of previous central banks in the US during the Madison and Jackson eras.

The Stable Token Commission, established in July 2023, follows an earlier attempt to introduce a stablecoin through a February 2022 bill, which Gordon initially vetoed due to concerns over insufficient information and planning.

The initiative has sparked discussion about potential conflicts with the Federal Reserve, with some industry leaders predicting clashes between private and state-issued stablecoins. However, Wyoming Senator Chris Rothfuss suggested that the state’s token would not directly compete with the Federal Reserve, as it would be backed by the same underlying assets.

Alexander Stefanov