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The US state of Wyoming is taking a significant step into the world of web3 and cryptocurrencies by hiring blockchain developers to support the creation of its government-issued stablecoin currency, known as “Project WYST.”
Wyoming’s Stablecoin Initiative
The Wyoming Stable Token Commission has issued public Requests for Qualification to attract talent for its stablecoin initiative. This move marks a significant development in the stablecoin market, which has over $200 billion in circulation and features in most cryptocurrency transactions, according to the US Treasury Department.
Stablecoins are digital currencies that trade with 1:1 dollar parity, allowing users to deploy US dollars in blockchain markets and decentralized finance venues. Wyoming’s stablecoin, WYST, is designed to represent and be redeemable for one US dollar held in trust by the state.
Job Opportunities and Requirements
Applicants have until December 12 to submit their proposals for roles that include:
- Token development
- Support
- Listing
- On-chain analysis
- Reserve management
- Financial auditing
- Ecosystem intelligence
WYST details remain limited, but Commission discussions indicate it may launch on Ethereum or Solana networks.
Wyoming has positioned itself as a web3 leader with US borders, recognizing decentralized autonomous organizations as legal entities and protecting crypto self-custody.
Wyoming’s Web3 Leadership
In March, the state officially recognized decentralized autonomous organizations as legal entities, reaffirming sovereign acceptance for DAOs amid regulatory uncertainty. Additionally, Kraken launched its licensed custody solution in the state in March.
Wyoming Senator Cynthia Lummis was at the forefront of Federal Congressional efforts to establish a national Bitcoin reserve. The state has also passed a bill to protect crypto self-custody, protecting the right to hold Bitcoin and other digital assets.
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