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The state of Wyoming is hiring blockchain developers to support the creation of a state-backed stablecoin. The Wyoming Stable Token Commission has issued a public request for qualifications to attract talent for its stablecoin initiative, known as “Project WYST.” Stablecoins are digital currencies that trade 1:1 to the dollar, allowing users to stake U.S. dollars on blockchain and decentralized finance markets.
With more than $200 billion in circulation, stablecoins are the subject of the majority of cryptocurrency transactions, according to the U.S. Treasury Department. Applicants have until December 12 to submit their proposals for positions that include token development, support, listing, on-chain analysis, reserve management, financial audit, and ecosystem intelligence. Details about WYST are limited at this time, but the commission’s discussions indicate that the project could launch on Ethereum or Solana.
The Wyoming Stable Token Act, passed in 2023, authorized the state to issue stablecoins. According to the WyoStable commission’s website, WYST will be designed to represent and be exchanged for one U.S. dollar held in trust by the state. Tokens will only be issued in exchange for U.S. dollars. In March, the state officially recognized decentralized autonomous organizations as legal entities.
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