Wyoming seeks developers for state-backed stablecoin

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As a seasoned researcher with a keen interest in blockchain technology and digital currencies, I find the recent development in Wyoming truly intriguing. Having followed the state’s progressive approach towards web3 technologies and decentralized finance, it’s fascinating to see them take yet another bold step – this time, into the realm of government-issued stablecoins.

Wyoming is seeking skilled blockchain developers to assist in developing its own government-backed digital currency, a stablecoin.

The Wyoming Stable Token Commission has put out calls for qualifications from skilled professionals in order to gather expertise for their project called “Project WYST,” which involves the development of a stablecoin.

Stablecoins are a type of digital currency that hold an equal value to the US dollar. This means that users can invest their dollars into blockchain-based financial markets and decentralized finance platforms. The stablecoin market currently has over $200 billion in circulation, and they play a significant role in most cryptocurrency transactions, as reported by the U.S. Treasury Department.

Candidates must send their application proposals by December 12th for positions involving tasks such as token creation, maintenance, listing, chain analysis, reserve management, financial examination, and understanding the ecosystem, respectively.

The specifics about where WYST will be deployed are not yet clear, however, conversations within the Commission suggest that it could potentially operate on either the Ethereum or Solana blockchain networks.

In case you missed it, our public Request for Qualifications process is currently ongoing. At present, we have 7 open opportunities to assist in creating the world’s inaugural state-issued and fiat-backed stabletoken. The deadline for submissions is December 12, 2024, at 5PM Mountain Time. You can apply now by visiting our RFQ Information Center.

— wyostable (@wyostable) December 4, 2024

2023 saw the approval of the Wyoming Stable Token Act, allowing the state to mint stablecoins. As stated on the WyoStable Commission’s website, the WYST is designed to hold an equivalent value of one United States dollar, which will be kept in trust by the state. The tokens can only be obtained in exchange for U.S. dollars.

The WYST is a suggested digital currency equivalent to and exchangeable for one U.S. dollar, which is securely kept in trust by the state of Wyoming as per W.S. 40-31-106. These stable tokens can be obtained only in return for U.S. dollars.

WyoStable Commission website

In March, Wyoming established itself as a pioneer in the web3 realm within U.S. boundaries by legally recognizing Decentralized Autonomous Organizations (DAOs).

The significant crypto legislation reinforced a nation’s authority to recognize Decentralized Autonomous Organizations (DAOs), offering clarity against the backdrop of regulatory uncertainties, particularly from the Securities and Exchange Commission. Meanwhile, Kraken introduced its licensed custody service within the state as early as March.

In February 2023, local authorities approved a law to safeguard individual possession of cryptocurrencies, including Bitcoin (BTC) and other digital assets. Wyoming Senator Cynthia Lummis was instrumental in Federal Congressional initiatives aimed at creating a national Bitcoin reserve. Numerous individuals wrote letters expressing their support for her Bitcoin-related legislation, as reported by crypto.news.

As other regions considered similar laws for Bitcoin reserves, it was during Donald Trump’s presidency (as a Republican) that the United States cast its initial vote in favor of Bitcoin.

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2024-12-09 21:10