Wyoming seeks blockchain developers for $1 stablecoin project

The State of Wyoming is actively seeking blockchain developers to assist in the creation of its government-backed stablecoin. 

The Wyoming Stable Token Commission has issued public Requests for Qualifications (RFQs) to attract skilled professionals for this initiative, referred to as “Project WYST.” 

Stablecoins are digital currencies designed to maintain a 1:1 parity with the U.S. dollar, allowing users to utilize dollars in blockchain markets and decentralized finance platforms. 

According to the U.S. Treasury Department, the stablecoin market currently exceeds $200 billion in circulation and plays a significant role in cryptocurrency transactions.

Developers interested in participating have until December 12 to submit their proposals for various roles, including token development, support, listing, on-chain analysis, reserve management, financial auditing, and ecosystem intelligence.

While specific details about WYST remain limited, discussions within the Commission suggest that the stablecoin may be launched on either the Ethereum (CRYPTO:ETH) or Solana (CRYPTO:SOL) networks.

The Wyoming Stable Token Act, passed in 2023, authorised the state to issue stablecoins. 

As outlined on the WyoStable Commission website, WYST is intended to represent and be redeemable for one U.S. dollar held in trust by the state. 

Tokens will only be issued in exchange for U.S. dollars.

Wyoming has positioned itself as a leader in web3 initiatives within the U.S., having recognised decentralised autonomous organisations (DAOs) as legal entities earlier this year.

This move was part of a broader effort to clarify regulatory frameworks surrounding cryptocurrencies, particularly amid scrutiny from agencies like the Securities and Exchange Commission.

Additionally, Wyoming lawmakers passed legislation protecting crypto self-custody rights and have been active in promoting Bitcoin reserve legislation at the federal level.