Montana Governor Announces State's Cryptocurrency Project on Track for Summer Debut
Wyoming State Launches Its Own Stablecoin, 'Wyoming Coin', in July
In a move that could have significant implications for the global economy, the state of Wyoming has announced plans to launch its own stablecoin, dubbed 'Wyoming Coin', in July.
The state's decision to create its own digital currency comes as part of a broader effort to establish itself as a hub for blockchain and cryptocurrency innovation. Wyoming has already taken steps to become a welcoming environment for blockchain companies, with the passage of the 'Wyoming Blockchain Tax Act' in 2019, which exempted blockchain and cryptocurrency companies from state corporate income tax.
Wyoming Coin will be a stablecoin pegged to the US dollar, meaning its value will be tied to the value of the US dollar. The coin will be issued by the Wyoming State Treasurer's office and will be used to facilitate transactions and payments within the state.
According to officials, the stablecoin will be designed to be user-friendly and accessible, with features such as low transaction fees and fast settlement times. The coin will also be fully backed by US dollars held in reserve, providing a high level of stability and security for users.
The launch of Wyoming Coin is seen as a major step forward for the state's efforts to promote blockchain innovation and economic development. The state has already attracted a number of major blockchain companies, including Ripple and Block.one, and the launch of its own stablecoin is expected to further boost its reputation as a hub for blockchain activity.
"We are excited to launch Wyoming Coin and bring the benefits of blockchain technology to our state," said Wyoming State Treasurer, Kurt Schwengel. "This is an important step forward for our state's economy and we believe it will have a positive impact on our citizens and businesses."
The launch of Wyoming Coin is expected to take place in July, with more details to be announced in the coming weeks.