Wyoming seeks developers for state-backed stablecoin

The State of Wyoming is hiring blockchain developers to support the creation of its government-issued stablecoin currency.

The Wyoming Stable Token Commission has issued public Requests for Qualifications to attract talent for the stablecoin initiative known as “Project WYST.”

Stablecoins are digital currencies that trade at 1:1 dollar parity and allow users to use US dollars in blockchain markets and decentralized finance venues. According to the US Treasury Department, there is over $200 billion in circulation in the industry, and most cryptocurrency transactions involve stabelcoins.

Applicants must submit proposals by December 12 for roles that include token development, support, listing, on-chain analysis, reserve management, financial auditing and ecosystem intelligence.

WYST details remain limited, but Commission discussions indicate WYST could be launched on the Ethereum or Solana networks.

ICYMI: Our Public Qualification Request process is ongoing.

7 RFQs are now open to support the development of the world’s first government-issued fiat-backed stable token.

The deadline is December 12, 2024 @ 17:00 MT.

Contact the RFQ Knowledge Center now: https://t.co/u5OKK0QHWm

— wyostable (@wyostable) December 4, 2024

The Wyoming Stable Token Act, passed in 2023, gave the state the authority to issue stablecoins. According to the WyoStable Commission website, WYST is designed to represent a U.S. dollar held in government trust and redeemable for that dollar. Tokens will be issued in exchange for US dollars only.

WYST is a virtual currency offered by WS 40‑31‑106, redeemable for one (1) U.S. dollar held in trust for the state of Wyoming. Stable tokens will be issued in exchange for US dollars only.

WyoStable Commission website

Wyoming has positioned itself as a web3 leader within the United States. In March, the state officially recognized decentralized autonomous organizations as legal entities.

The landmark crypto bill reaffirmed sovereign acceptance for DAOs amid regulatory uncertainty, mainly from the Securities and Exchange Commission. Kraken also launched its licensed custody solution in the state in March.

In February 2023, local lawmakers passed a bill protecting cryptocurrency’s self-custody and the right to hold Bitcoin (BTC) and other digital assets. Wyoming Senator Cynthia Lummis has been at the forefront of Congressional efforts to create a national Bitcoin reserve. According to Crypto.news news, thousands of people wrote letters supporting BITCOIN BILL.

While the US voted for its first pro-BTC president in Republican Donald Trump, other states followed suit and considered Bitcoin reserve legislation.