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Wyoming Mulls State-Backed Stablecoin
The Wyoming Stable Token Commission held its first meeting this week, according to local media reports. Notably, the commission is the United States’ first state body with the authority to issue stablecoins.
Several notable people attended the meeting, including Wyoming Governor Mark Gordon, who has been cautious throughout the process. He asked state officials to confirm key details about the process, such as what the commission intends to do with the stablecoin and whether it will be a digital representation of the US dollar.
He also stated that the stablecoin would be issued in accordance with the “letter of the law.” The phrase “letter of the law” refers to the act of following what is actually written in the law rather than the general principles of it. Gordon also expressed concern that the legality of a state-issued stablecoin is questionable under federal law.
(With inputs from Shikha Singh)
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