Wyoming, one of the fifty States in the United States, is working on plans to launch its stablecoin. 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.
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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