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Wyoming Stable Token Commission outlines procurement plan after committee amends budget footnote
Summary
The Wyoming Stable Token Commission briefed the Appropriations Committee on procurement progress and technical requirements for the state—s stable token, reporting wide vendor interest but few Wyoming-domiciled firms and emphasizing security and "freeze and seize" network criteria.
The Wyoming Stable Token Commission told the Appropriations Committee that while private interest in helping build the state—s stable token is strong, very few vendors are domiciled in Wyoming and the commission is structuring procurement rules accordingly.
Why it matters: Lawmakers had debated a budget footnote attached to a $5.8 million allocation to the commission that would limit contract work to Wyoming-domiciled companies. The committee moved to reinsert the word "only" in the footnote; commission leaders explained the operational effect and procurement safeguards if that restriction is enforced.
Anthony Apolo, executive director of the Wyoming Stable Token Commission, told the committee the commission received significant vendor interest in its request for qualifications. "We received submissions from 64 different vendors. Of those 64, 1 was domiciled in the state of Wyoming, Another has a registered agent in the state of Wyoming and another has filed to move their company to the state of Wyoming," Apolo said. He added that two vendors had reached the proposal phase and one indicated it would redomicile, which the commission—s staff estimated could take roughly 10 days with the Secretary of State's office.
Apolo described the commission—s procurement approach: rolling qualifications over a two-year period, emergency and then formal rulemaking, and a selection process that will treat Wyoming domiciliation as a scored factor rather than the only criterion for technical capacity. He said the commission intends to be a multi-chain offering over time but must select blockchains that meet binary criteria for the initial issuance, including a network "freeze and seize" capability intended to interdict tokens used in criminal activity.
Apolo also noted that the governor had removed the word "only" from prior budget language over concerns it might hamper recruiting qualified vendors; committee members later moved to reinsert the restriction and strike the more permissive language. If the committee—s footnote requires working with "only Wyoming domiciled entities" after March 15, the commission warned that it could narrow the pool of immediately available vendors.
Committee members pressed the commission on practicalities: Co-Chair Bair asked how many capable contractors operate inside Wyoming; Apolo repeated the RFQ results and the commission—s plan for rolling qualifications. Senator Larson asked whether the commission's authority and timeline allowed potential vendors to redomicile quickly; Apolo said the Secretary of State—s office can facilitate redomiciliation in roughly 10 days and that the commission is building rules to allow rolling qualifications for two years.
Apolo emphasized legal review and procurement safeguards: commission staff consulted Legislative Service Office (LSO) legal staff to craft effective-date language to avoid constitutional issues on contract impairment. Apolo also referenced the Stable Token Act as the enabling authority for the commission's rulemaking and procurement powers.
Ending: The committee accepted the commission—s briefing as members completed a floor amendment to the commission—s budget footnote. Staff and LSO were asked to confirm final procurement and effective-date language for insertion in the supplemental appropriation.
