Wyoming Stable Token Commission Concludes Request for Qualification Period and Announces Candidate Blockchains
CHEYENNE, WY – December 13, 2024 – The Wyoming Stable Token Commission’s (STC) Request for Qualification (RFQ) period concluded today for the state’s pioneering stablecoin project, marking a significant step toward the issuance of Wyoming’s first state-backed digital currency. The RFQ submission window closed on December 12, 2024, at 5:00 PM MT, following a thorough evaluation process of potential blockchain networks.
The Commission’s Blockchain Selection working group has now finalized its list of Candidate Blockchains for the upcoming procurement phase. After careful consideration, the following blockchain platforms have been selected for further evaluation:
- Solana
- Sui
- Ethereum (including layer-2 networks: Polygon, Arbitrum, Base, and Optimism)
- Avalanche
- Stellar
This list reflects the Commission’s commitment to selecting blockchain technologies that align with the goals of the Wyoming Stable Token (WYST) project. Each platform was assessed for its technical capabilities, security, scalability, and overall suitability for supporting the issuance and operation of the WYST.
Background on the Wyoming Stable Token Commission
The Wyoming Stable Token Commission was established in March 2023 with the passage of Senate Enrolled Act 85: Wyoming Stable Token Act. The Act empowers the Commission to issue Wyoming Stable Tokens (WYST), a proposed virtual currency that will be representative of, and redeemable for, one U.S. dollar held in trust by the state of Wyoming. Stable tokens will only be issued in exchange for U.S. dollars, ensuring that each token maintains a 1:1 peg to the dollar.
Key amendments to the Wyoming Stable Token Act were passed in the 2024 Budget Session through Senate Enrolled Act 44, which clarified and strengthened the framework for the issuance of WYST.
Composition of the Wyoming Stable Token Commission
The Commission is made up of key state officials and subject matter experts, including:
- The Governor or the Governor’s designee
- The Auditor or the Auditor’s designee
- The Treasurer or the Treasurer’s designee
- Four additional subject matter experts: Flavia Naves, David Pope, Jeff Wallace, and Joel Revill
Additionally, Anthony Apollo was appointed as the Executive Director of the Commission on September 18, 2023, bringing leadership and expertise to the project.
Next Steps
With the blockchain candidates now selected, the Commission will move forward with the next stages of the procurement process, including detailed evaluations, selection of technology partners, and further development of the WYST. The Commission remains focused on ensuring that the Wyoming Stable Token is secure, efficient, and fully compliant with state and federal regulations.
The Wyoming Stable Token initiative continues to position the state as a leader in blockchain innovation and digital asset regulation. As this project progresses, the Commission remains committed to transparency and rigorous evaluation, with the goal of providing a reliable and stable digital currency for the people of Wyoming.
Interested parties can review detailed memos, criteria, and scoring materials available through the Commission’s official channels for a deeper understanding of the selection process.
For more information on the Wyoming Stable Token Commission, please visit Wyoming Stable Token Commission.
Contact:
Wyoming Stable Token Commission
Email: [email protected]
Phone: (307) 555-1234
Website: www.wyomingstabletoken.com
The Wyoming Stable Token Commission is an initiative of the State of Wyoming, established to issue and oversee the issuance of the Wyoming Stable Token, a state-backed digital currency.