Wyoming is beginning its work on the state’s stablecoin, or, as it’s called officially, the “stable token” project, by opening a job position for a head of the stable token commission. The potential executive will lead a team, responsible for making a proper legislative framework for the project.
The position was opened on the federal government’s website for civil jobs on July 20. The commission is seeking to hire an executive director, who would lead a team, comprised of the Wyoming Governor, State Auditor, State Treasurer and four “expert appointees”. The state is looking for someone with connections and expertise in the blockchain industry, promising a $150,000 annual salary.
The “Wyoming Stable Token Act” was introduced in February 2022 and by March 2023 made it into law. The Act authorizes the issuance of a U.S. dollar-pegged stablecoin redeemable for fiat held in an account by the state.
According to the law text, the stable token commission is responsible, among others, for deciding the overall number of tokens to be issued, concluding the requirements for redemption, and selecting the financial institutions to manage the tokens.
In April 2023, a similar initiative occurred in the state of Texas, where lawmakers introduced bills for creating a state-based digital currency backed by gold. At the same time, Several United States lawmakers have recently argued against the federal government’s interest in introducing a central bank digital currency.
Wyoming keeps a record of a crypto-friendly jurisdiction. Recently the state’s Governor Mark Gordon signed a bill preventing the forced disclosure of private keys in a move to protect the privacy of digital asset owners. And in April, the state’s Attorney General Bridget Hill requested to intervene in the case between Custodia Bank and the Federal Reserve System, seeking to defend its framework allowing certain crypto firms to qualify as state-chartered banks.