Wyoming Stable Token Seeks $5.8 Million Budget

Posted by Bobbie Frank on January 18, 2024

Wyoming Stable Token Executive Director Anthony Appollo presented a $5.8 million budget request to the Joint Appropriations Committee yesterday. The appropriation would be used to onboard five full-time staff positions as well as third-party for the next phase of development to launch a technically secure and compliant Stable Token.

The appropriation request includes provisions to require repayment of the appropriation to the general fund when the Stable Token begins generating income.  Wyoming Stable Token would be the first stable token issued by a public entity. The goal is to have the Wyoming Stable Token online by the end of 2024.

Director Appollo is slated to join the GoWest Wyoming Credit Union Government Affairs Committee at the February 12 meeting in Cheyenne.

Stablecoins are cryptocurrencies whose value is pegged, or tied to that of another currency, commodity, or financial instrument.

The hearing can be viewed here. The GAC agenda portion on Stable Token begins at approximately 2:30.

Posted in Advocacy on the Move, Wyoming Advocacy.