In an intriguing push towards evolving financial systems, the US state of Wyoming has indicated to hire an executive director for a novel stablecoin project. The curious aspect? An annual remuneration of $150,000, topping the state Governor’s salary by a neat $10,000.
Shaping the Wyoming Stable Token Commission’s mission becomes the prime responsibility of the assumed executive director, a commission introduced in the wake of the Wyoming Stable Token Act, approved recently. State Senators Chris Rothfuss, Tara Nethercott, and House representatives Jared Olsen and Mike Yin were the act’s flag bearers, with its inception occurring only in February 2022.
The thrilling proposition in this act is the Commission’s authority to emit a US dollar-pegged stablecoin in Wyoming – redeemable for dollars in the state’s bank account. A wish list for qualifications from the prospective executive director has also been released, with valuable industry connections, blockchain expertise, and a thorough understanding of Wyoming’s legislative operations being regarded as top preferences. Familiarity with cryptocurrency economics and an insight into banking, securities, and other financial systems also find a place in the checklist.
Included in the existing members of the Wyoming Stable Token Commission, we have the state’s Republican governor Mark Gordon, the treasurer, auditor along with four crypto and payment mavens. Notably, Flavia Naves, Circle’s former general counsel, the issuer of the frequently used stablecoin USD Coin (USDC), is also a part of the team.
Moving quickly is a part of the Commission’s agenda, with a stablecoin issuance by 2023’s end being a clear intent. If executed on time, the action will mark Wyoming as the first US state to offer a stablecoin. The underlining aspiration is to move swiftly, as highlighted by communication director for Governor Gordon, Michael Pearlman.
The pioneering sentiments for the crypto industry manifests itself quite prominently in Wyoming. The Republican Senator Cynthia Lummis, hailing from the state, holds a reputation for being a known advocate of crypto. By attending the Bitcoin 2023 conference in Miami and openly stating that “digital assets are the future of financial innovation”, Senator Lummis has definitely helped reinforce the vision of Wyoming as one of the most crypto-accommodating states in the US. Overall, this narrative presents Wyoming’s potential as a trailblazer in financial evolution and digital lending systems.
Source: Cryptonews
