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Wyoming state is preparing to launch its own stablecoin in 2025. The state aims to lead in digital financial innovations by introducing this cryptocurrency, which will be backed by US Treasury bonds. Wyoming Governor Mark Gordon criticized the current regulations in the US financial system with this move.
Wyoming’s Cryptocurrency Initiative
Wyoming Governor Mark Gordon made an important announcement at the recent Wyoming Blockchain Symposium. Gordon revealed the state’s plans to issue its own stablecoin in 2025, stating that this cryptocurrency would be backed by US Treasury bonds and repurchase agreements. This move is seen as a testament to Wyoming’s commitment to Blockchain technology.
Wyoming plans to collaborate with various partners to list this stablecoin on exchanges in the first quarter of 2025. Governor Gordon criticized the government’s response to the 2007-2008 financial crisis, arguing that the approach of not allowing big companies to fail hinders real progress. He emphasized that Wyoming, as an early adopter of cryptocurrency regulations, has the advantage of benefiting from growth in this sector.
Criticisms of the System
Gordon also voiced his criticisms of the Federal Reserve system. Referring to the failures of previous central banks during the Madison and Jackson eras, he stated that the Federal Reserve is an obstacle to innovation. Gordon recalled that the Wyoming Stablecoin Commission was established in 2023, explaining that his veto of a similar initiative in 2022 was due to a lack of sufficient information and planning.
Wyoming’s new stablecoin initiative is seen as a potential source of conflict with the Federal Reserve. However, Wyoming Senator Chris Rothfuss stated that the state’s token would not directly compete with the Federal Reserve because it would be backed by the same underlying assets.
Wyoming’s stablecoin initiative is not only set to strengthen the state’s position in the digital finance world but also seems likely to resonate within the broader US financial system. Governor Gordon believes that risk is one of the fundamental pillars of real progress. Wyoming’s bold move could serve as an example for other states. The cryptocurrency, scheduled to be launched in 2025, once again highlights the state’s determination and vision regarding cryptocurrencies.
