Wyoming stablecoin may launch Q1 2025 – Governor Mark Gordon

Wyoming Governor Mark Gordon recently took the stage at the Wyoming Blockchain Symposium to outline how the state is embracing blockchain innovation and plans for a state-issued dollar peg stablecoin to launch in 2025.

According to Gordon, chairman of the Wyoming Stable Token Commission, the state is currently backing stablecoin tokens through US Treasury bills and repurchase agreements. It will then reach exchange partners for listing sometime in Q1 2025.

A centralized system based on money printing is collapsing.

Gordon framed the discussion in terms of the 2007-2008 debt-backed securities and high-risk debt issuance by institutions in the form of cash payments.

“Before 2008, there was a time when capitalism was very important and that meant failure. Somewhere in the 2008 timeframe, we made a decision that was too big to fail, something that the government was going to stand behind.”

Wyoming's governor went on to say that this “too big to fail” approach runs counter to Wyoming's core ethos, which sees risk as a prerequisite for true growth. Gordon went on to emphasize the importance of being a “first mover” and how Wyoming's proactive stance on digital asset regulations is choosing the state to capture its growth from digital assets.

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This pro-crypto ruler brought to the topic of the Federal Reserve banking system, characterizing it as a “pull on creativity”, pointing to the history of the failure of two previous central banks in the United States under the administration of Madison and Jackson.

Potential challenges to a stable coin issued by the government

Wyoming established the Stable Token Commission in July 2023, although the stablecoin initiative was first proposed in a February 2022 bill. When the bill was introduced, Governor Gordon rejected it, arguing that there was not enough information or a solid business plan to implement the proposal.

The proposal has sparked debate over central bank competition and a potential conflict between government-issued dollar tokens and the Federal Reserve Bank. Industry executives such as Umi CEO Brent Shue predicted that private stablecoin issuers would be at odds with the Fed. In contrast, Wyoming Senator Chris Rothfuss has argued that a government-issued dollar-peg token is not comparable to a central bank, which holds the underlying assets that a government-issued digital token represents.

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