CHEYENNE, Wyo.—Wyoming plans to launch a U.S. dollar-backed stablecoin in early 2025.
The digital currency will be backed by Treasury bonds and repurchase agreements, with plans to collaborate with exchanges for its listing, the news outlet said, according to Crypto Economy.
“Governor Mark Gordon criticized the government’s response to the financial crisis and the Federal Reserve System, sparking debates about potential competition with the central bank,” Crypto Economy reported.
‘Too Big to Fail Mentality’
Gordon criticized the “too big to fail” mentality that he said led to massive bailouts and regulatory changes, arguing that this policy contradicts the Wyoming philosophy, which values risk as an essential driver of genuine progress, Crypto Economy said.
According to Gordon, the state stablecoin initiative is a “proactive response to a financial system he views as outdated and counterproductive to innovation,” Crypto Economy added.