<aside> ❗ The Wyoming Stable Token Commission is actively seeking information and input on its construction of the Wyoming Stable Token. This page contains details on how potential Subject Matter Advisors (”SMAs”) can join our Subcommittees, and provide insight through Working Groups.
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<aside> 🚧 To avoid conflicts of interest, the Commission expects that SMAs will not be able to submit, nor be involved in the anticipated bidding process established through potential Requests For Proposal or Pre-Qualification surveys.
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Table of Contents
The State of Wyoming has embarked on an ambitious initiative to design and potentially issue a Wyoming Stable Token (”WYST”) in 2024.
WYST is a proposed virtual currency representative of and redeemable for one (1) United States dollar held in trust by the state of Wyoming as provided by W.S. 40‑31‑106. Stable tokens shall only be issued in exchange for United States dollars.
The Wyoming Stable Token Commission (the “Commission” or “STC”) was established in March 2023 with the passage of Senate Enrolled Act 85: Wyoming Stable Token Act, which authorizes the Commission to issue WYST.
Key amendments to the Stable Token Act were passed during the 2024 Budget Session as Senate Enrolled Act 44: Wyoming Stable Token Act - amendments, which allow the Commission to develop and deploy its own procurement policies.
As allowed under the enacting legislation, the Commission includes the Governor or the Governor's designee; the Auditor or the Auditor's designee; the Treasurer or the Treasurer's designee; and four additional subject matter experts: Flavia Naves, David Pope, Jeff Wallace, and Joel Revill. Anthony Apollo was appointed Executive Director of the Commission on September 18, 2023.
Wyoming has been on the vanguard of cryptocurrency, blockchain, and digital asset legislation for nearly a decade. Bills passed in prior sessions includes:
The state legislature continues to explore legislation around digital asset registrations, digital identity, and more.
Stable tokens are a $150B asset class, fully built on blockchain technology. Combined, fiat-backed stable tokens (or “stablecoins”) now represent the 16th largest holder of U.S. Treasuries. These numbers will only continue to grow as real-world assets like gold and real estate come to be represented on digital ledgers, and more users are onboarded to blockchain-enabled platforms through simplified interfaces.