Wyoming seeks developers for state-backed stablecoin

The state of Wyoming is hiring blockchain developers to support the creation of its government-issued stable currency.

The Wyoming Stable Token Commission has released public requests for qualifications to attract talent for its stablecoin initiative, known as “Project WYST.”

Stablecoins are digital currencies that trade at a 1:1 dollar peg, allowing users to deploy US dollars on blockchain markets and decentralized finance venues. The sector has over $200 billion in circulation, and stablecoins functionality in most cryptocurrency transactions, according to the US Treasury Department.

Applicants have until December 12 to submit their proposals for roles including token development, support, listing, on-chain analytics, reserve management, financial auditing, and ecosystem intelligence.

Details of WYST remain limited, but Commission discussions indicate that it could launch on the Ethereum or Solana networks.

The Wyoming Stable Token Act, passed in 2023, authorizes the state to issue stablecoins. According to the WyoStable Commission website, WYST is designed to represent and be exchangeable for one U.S. dollar held in trust by the state. Tokens will only be issued in exchange for US dollars.

WYST is a proposed representative virtual currency exchangeable for one (1) United States dollar held in trust by the State of Wyoming, as provided in WS 40-31-106. Stable tokens will only be issued in exchange for US dollars.

WyoStable Commission website

Wyoming has positioned itself as a leader in Web3 on the US borders. In March, the state officially recognized decentralized autonomous organizations as legal entities.

The landmark crypto bill reaffirmed sovereign acceptance of DAOs amid regulatory uncertainty, primarily from the Securities and Exchange Commission. Kraken too spear its custody solution authorized in the state in March.

In February 2023, local legislators pass a bill to protect the self-custody of cryptocurrencies, protecting the right to hold Bitcoin (BTC) and other digital assets. Wyoming Senator Cynthia Lummis was at the forefront of federal Congressional efforts to establish a national Bitcoin reserve. Thousands writing letters supporting his BITCOIN BILL, according to crypto.news report.

Other states followed suit and thoughtful Legislation on Bitcoin reserves as the United States elected its first pro-BTC president in the person of Republican Donald Trump.