Wyoming to Launch State-Backed Stablecoin in 2025, Governor Announces

IconCryptoNewsTerminal Staff23 Aug, 2024

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Wyoming to Launch State-Backed Stablecoin in 2025, Governor Announces

Wyoming Governor Mark Gordon has announced plans to launch a state-backed, dollar-pegged stablecoin in the first quarter of 2025. In an interview with CNBC, Gordon stated that the stablecoin is intended to provide individuals and businesses with a faster and cheaper way to make payments. Wyoming has been at the forefront of blockchain and cryptocurrency legislation in recent years. In 2019, the state passed a law that created a legal framework for digital assets, including stablecoins. The new stablecoin initiative is a further step in Wyoming's efforts to become a hub for the digital asset industry. The governor's announcement has been met with mixed reactions. Some experts believe that a state-backed stablecoin could help to increase the adoption of digital assets, while others have raised concerns about the potential risks involved. It remains to be seen whether Wyoming's stablecoin initiative will be successful. However, the announcement is a sign of the growing interest in stablecoins and their potential to revolutionize the way we make payments.

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