Wyoming to Launch First US State Dollar-Pegged Stablecoin

Wyoming, one of the fifty States in the United States, is working on plans to launch its stablecoin amid push for positive regulation. With the plan to fully back the stablecoins with the US Dollar, Wyoming is positioning itself as the first in the country to issue such payment tokens. According to Governor Mark Gordon, the state is making moves to jump onto the bandwagon as early as July.

Wyoming Stablecoin Pivot Aligns With Federal Government Pivot

According to a Bloomberg report, Governor Gordon is very positive about the stablecoin push. He believes most financial stakeholders are not bullish enough about the stable asset firm.

The Governor reference the position of JPMorgan Chase CEO, Jimon Dimon a while back regarding plans to venture into the stablecoin niche earlier. He said he once pitched Wyoming to him and the bank as the state has the right “framework to do it.”

While only a few mainstream firms have entered the stablecoin scene, Wyoming may be pioneering a new wave in the digital payments ecosystem. This move comes as the President Donald Trump administration is pushing for legislation for the ecosystem.

At the Digital Asset Summit recently, President Trump urged Congress to pass stablecoin legislation. He believes this regulation can support entities looking to enter the space.

American Firms are Embracing Stablecoins

It is worth noting that more American firms are now entering the stable token niche with improve regulation. A pivot pioneered by PayPal with the launch of PYUSD in August 2023 is now expanding to new firms.

Per an earlier CoinGape report this week, investment giant Fidelity started testing its stablecoin on a public blockchain. Beyond this, Custodia Bank and Vantage Bank issued the first stablecoin through a regulated banking institution.

This trend is evidence that many key stakeholders are pivoting into one of the crypto industry’s most promising offshoots. With recent positive OCC guidance for federal banks, the barriers to entering the crypto and stablecoin worlds have been removed.

Advances in Backing Regulation

Since the US President’s inauguration, industry stakeholders have been clamoring for proactive legislation. Currently, two functional bills for the stablecoin market are under consideration by the US Congress.

These include the GENIUS Act stablecoin regulation for payment tokens and the STABLE Act Bill, which is more suited for algorithm stablecoins. The Senate Banking Committee recently approved the GENIUS Act, paving the way for more definitive approval by Congress.

Should these Bills become law, they will offer a functional statute that will guide any firm looking to enter the ecosystem. Proponents believe this will drive the US economy and competition for a better payment industry.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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