State of Wyoming releasing Stablecoin by YE '22

State of Wyoming releasing Stablecoin by YE '22

WY announced last week they will issue their stablecoin before this year ends.

A stablecoin backed by what?  This stablecoin will be 100% backed by US Treasuries thus the US $. Allowing redemptions for US $ per token

Next Steps:

• Legislation has been drafted it is called Wyoming Stable Token Act (SF0106), and must be voted upon and ratified. 
• If the team can't get it done by Dec. 31st '22 they owe the commission a report by Nov. 1st '22 to report on issues and failures. 

What is the benefit? Honestly, at this point I am not sure I understand the logic of the release. No principal earned.  Who would be the primary buyers? What are the risks when the Fed comes out with their CBDC? Would traders use this for the spread?

More Background on what WY has already done for and with Crypto:

• • CityDAO under the WY law (https://www.citydao.io/
  • Wyoming’s Congressional Blockchain Committee Holds First Meeting - & Feb. '20 declares Cryptocurrency as Property 
  • WY elected 1st US Senator Cynthia Lummis who believes in BTC - Nov. '20
    • I advise everyone to follow her for great Crypto insights - @CynthiaMLummis 
  • Avanti Bank - 1st compliant bridge btwn traditional assets and Crypto - WY
    • Would Avanti offer these stablecoins as a service to customers?
  • Additionally, WY Senator Lummis recommended that the US Fed Hold BTC in its Treasury https://www.theblockcrypto.com/post/134725/federal-reserve-bitcoin-senator-cynthia-lummis-comments

For those directionally challenged WY is North of Colorado which recently hosted #ETHDEN (aka Buffcoin) conference.  Wondering how many attendees were from WY? I am wondering how many elected officials from WY attended; inquiring minds want to know.

Some of my older writings in regard to WY and impact to Crypto:

Oct 30 '20 - Avanti Bank approved to operate as national bank out of WY - https://www.publish0x.com/new-to-cryptos/crypto-startup-avanti-receives-license-to-operate-as-nationa-xxokneg

Nov 5th '20 - Wyoming adds another Crypto Foundation stone - US Senator  https://www.publish0x.com/new-to-cryptos/wyoming-adds-another-crypto-foundation-stone-us-senator-xolvgvq

Other Leadership thinking taking place in Wyoming

WY has partnered with 3 other states and will be part of a new Hydrogen Hub (Clean energy) for future energy requirement growth. https://www.rtoinsider.com/articles/29661-mountain-states-partner-secure-hydrogen-hub

- the crypto foundation continues being built here in the USA, most of the the time it goes unnoticed as the MSM is distracted with their mission du jour. Wyoming will be the First US state releasing a Stablecoin is a Major Milestone. Look for me to cover it w/ fanfare when it takes place!