- Lawmakers in Wyoming has proposed a bill to issue the state’s own stablecoin.
- The bill has been proposed by State senators Chris Rothfuss and Tara Nethercott in a coalition with Mike Yin and Jared Olsen.
On Thursday, four Wyoming lawmakers proposed a bill named Wyoming Stable Token Act (SF0106) to introduce the state’s own stablecoin. If the bill gets passed, the state treasurers will have to launch the coin within December 31.
The bill has been proposed by State senators Chris Rothfuss and Tara Nethercott in a coalition with Mike Yin and Jared Olsen. The approval of this bill will allow Wyoming’s treasurer Curtis Meier Jr. to create the state’s first stablecoin, which would be redeemable for a single U.S dollar held in trust by the state. The treasurer’s duties will include working according to the rules and regulations laid down to administer the Stable Coin Act to guarantee state and federal law compliance.
The bill also mentions that an account has already been created. Curtis will have to deposit all the received funds by allocating a Wyoming stable token that is in the record. All the assets in the fund, including those received from other sources, will be untouched and considered permanent on behalf of the holders. However, the funds will still be available to meet the financial demands of the holders or to meet any obligation issued in this section.
The bill also talks about the limitations imposed and mentions, “Under rules adopted by the treasurer, every contract, application or other similar documents that may be used in connection with the purchase of Wyoming stable tokens shall indicate that this state does not insure the state does not guarantee the Wyoming stable token and the principal deposited beyond the value of the Wyoming stable token account.”