The executive director of Wyoming’s Stable Token Commission, Anthony Apollo, is advocating for the integration of blockchain technology into the state’s financial ecosystem.
Apollo believes that using blockchain could improve transparency in government spending, making it more traceable and accessible to the public. He argues that this shift to a “real-time, traceable ecosystem” would provide greater visibility of taxpayer funds, ultimately benefiting citizens by making state financial operations more transparent.
Apollo also revealed that the commission is moving forward with the launch of a fully-backed, compliant stablecoin, expected to hit testnet within the next six weeks. The stablecoin is set to be deployed on a blockchain, with platforms like Avalanche and Sui currently being considered. Wyoming has a history of embracing innovative technologies, and this project aligns with the state’s reputation for blockchain advancements.
Wyoming has already passed over 30 pro-crypto and blockchain laws, including a legal framework for decentralized autonomous organizations (DAOs). Apollo sees the creation of the Wyoming stablecoin as a natural extension of these efforts and as an opportunity to set a precedent for other states looking to integrate blockchain into government functions.
While the blockchain selection process has sparked some controversy—especially from Cardano founder Charles Hoskinson, who expressed dissatisfaction with the exclusion of his blockchain—Apollo defended the process. He emphasized that technical criteria, including “freeze and seize” capabilities, were the main factors in the decision to exclude Cardano.
Despite these challenges, Apollo remains confident that the state legislature will continue to support the project. He cited a failed amendment to defund the Stable Token Commission as proof that Wyoming’s political environment is not influenced by external pressures.
The commission is also working to ensure that the stablecoin will be fully backed by US Treasuries, cash, and repurchase agreements, with a capitalization of 102% to mitigate the risk of depegging. Additionally, there is potential for the stablecoin to be yield-bearing, providing holders with interest.
Wyoming’s broader blockchain strategy includes a focus on providing a clear regulatory framework for stablecoins, with ongoing consultations with federal legislators. As the state prepares to test its stablecoin in March, the project could pave the way for greater blockchain integration in state government and finance. The full, globally available version of the Wyoming stablecoin is expected by the end of Q2 2025.
Cointelegraph and Tron Weekly contributed to this report.
