The state of Wyoming in the US has initiated the development of its stablecoin project, officially named the "Stable Coin" project, and has opened a position for the head of the Stable Coin Council. The appointed administrator will lead a team responsible for creating the appropriate legal framework for the project.
The job posting was made available on the federal government's civil jobs website on July 20. The council is seeking to hire an executive director who will oversee a team comprising Wyoming's governor, state auditor, state treasurer, and four "experts" appointees." The state is looking for an individual with connections and expertise in the blockchain industry, offering an annual salary of $150,000. The Wyoming Stable Coin Act was introduced in February 2022 and officially became law in March 2023. The bill authorizes the issuance of a stable coin pegged to the US dollar, which can be converted into fiat currency held by the state.
According to the legal text, the Stable Coin Committee's responsibilities include determining the total number of tokens to be issued, establishing redemption requirements, and selecting financial institutions to manage the tokens. A similar initiative was introduced in Texas in April 2023, where state lawmakers proposed a bill to create a state-level digital currency backed by gold. Meanwhile, some US lawmakers have expressed opposition to the federal government's interest in introducing a central bank digital currency.
Wyoming has established itself as a crypto-friendly jurisdiction. Recently, Governor Mark Gordon signed a bill prohibiting the mandatory disclosure of private keys to safeguard the privacy of digital asset owners. In April, the state's Attorney General Bridget H ill requested to intervene in a case Involving Custodia Bank and the Federal Reserve, aiming to defend Wyoming's framework that allows certain crypto firms to qualify as state-chartered banks.
