2025 Stablecoin Launch: Wyoming’s Plan for US Dollar-Backed Digital Currency

Wyoming is reportedly developing its own U.S. dollar-backed stablecoin currency for use in consumer payments.

The state plans to launch the Wyoming Stable Token in the first quarter of 2025, CNBC reported Friday (Aug. 23).

“It is clear to me that digital assets are going to have a future,” Wyoming Governor Mark Gordon told CNBC at the Wyoming Blockchain Symposium in Jackson Hole. “The United States has to address this issue. Washington’s being a little bit stodgy, which is why Wyoming, being a nimble and entrepreneurial state, can make a difference.”

Advocates of the project say Wyoming’s stable token would provide individuals and businesses with a faster, cheaper way to transact, create a new source of revenue for the state, and could serve as a model for a federal stablecoin, according to the report.

Gordon said the stablecoin would be transparent, fully backed by short-term government bonds, and dollar-pegged, according to the report.

Wyoming is already working to create a favorable regulatory environment for cryptocurrencies and has passed more than 30 laws in this area, according to the report.

According to the report, the state is currently evaluating potential vendors and partners to see if they will provide the exchange, digital wallets, and other technologies needed for the stable token.

Wyoming is committed to making stablecoins a means of payment for everyday use, Flavia Naves, commissioner of the Wyoming Stable Coin Commission, said in the report.

“When you walk into Cowboy Coffee in Jackson, Wyoming, and you want to buy your latte, there’s going to be their wallet there in Solana that you can use to buy your coffee with the Wyoming token,” Naves said, per the report.

Stablecoins are a type of currency designed to maintain a stable value by pegging its value to a fiat currency, PYMNTS reported in April. Unlike traditional cryptocurrencies like bitcoin, which are notorious for their price fluctuations, stablecoins offer a level of stability very similar to that of traditional currencies.

At the federal level, U.S. Sen. Kirsten Gillibrand, D-New York, and Sen. Cynthia Lummis, a Republican from Wyoming, introduced a bill to regulate the use of stablecoins.