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Wyoming Stable Token Commission seeks $8.13M for launch, drawing questions on risk and public role
Summary
Executive Director Anthony Apollo asked the Joint Appropriations Committee for roughly $8.13 million in exception funding to finish the state-backed stablecoin rollout, citing conservative breakeven projections and vendor/market-maker costs; lawmakers probed advertising, constitutional and freeze/seize issues and asked for more fiscal detail.
The Wyoming Stable Token Commission told the Joint Appropriations Committee on Dec. 16 it is approaching public launch of the state-backed stable token and requested $8,134,262 in exception funding for the next biennium to complete vendor work, marketing and liquidity arrangements.
Executive Director Anthony Apollo said the commission has built a tech and governance stack, published rules (reserve management and token management), and deployed pilot infrastructure on multiple blockchains. He described the token as fully reserved and backed by cash and U.S. Treasuries; interest generated on those reserves would, after obligations and required over-collateralization, flow to the state’s School Foundation Program.
Apollo presented conservativ…
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