Wyoming Stable Token Commission updates on new virtual currency legislation

The Select Committee on Blockchain, Financial Tech, and Digital Innovation convened on May 14, 2025, to receive an update from the Wyoming Stable Token Commission. The meeting began with the introduction of key personnel, including Anthony Apollo, the executive director of the commission, and several appointed commissioners, including Flavia Navis and David Pope.

Apollo provided a comprehensive overview of the commission's history and objectives. He emphasized the importance of establishing a unified understanding among committee members, particularly for those new to the discussions. The Wyoming Stable Token Act, passed in 2023, was highlighted as a significant legislative milestone. This act established the Stable Token Commission, which is tasked with issuing a Wyoming Stable Token—a virtual currency that is redeemable for one U.S. dollar held in trust by the state.

Apollo explained that the stable tokens are to be issued solely in exchange for U.S. dollars, ensuring a direct correlation between the token's value and the dollar. The commission is chaired by Governor Gordon and includes the state treasurer and auditor, along with four appointed subject matter experts.

The meeting underscored the commission's ongoing efforts to develop and implement the stable token framework, aiming to position Wyoming as a leader in blockchain and financial technology innovation. Further discussions are expected as the commission continues to refine its strategies and engage with stakeholders in the financial technology sector.