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Wyoming official details state-issued, fully reserved stable token program and public oversight
Summary
Wyoming’s Stable Token Commission told New Hampshire’s Stable Token Study Commission it is building a fiat-backed, fully reserved stablecoin to be issued by a state authority, with public rulemaking, audited reserves and plans to route interest to the state school fund.
Anthony Paolo, executive director of the Wyoming Stable Token Commission, described Wyoming’s effort to launch a fiat-backed, fully reserved stable token and recommended practices New Hampshire could study.
“ We are creating a digital asset on a blockchain that is backed by cash and cash equivalents,” Paolo said, describing the program as "dollar in, dollar out." He emphasized the design is not a central bank digital currency and that the stable token will be fully reserved with cash and short-duration U.S. Treasuries.
Paolo said the Wyoming commission was created by the 2023 Wyoming Stable Token Act and operates with seven commissioners, including the governor, the state treasurer and the state auditor, plus four subject-matter advisers. The commission has a small executive staff and publishes meetings and materials publicly. Paolo named senior staff involved in the program and said the commission is…
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