The Stable Token Commission continues researching the potential implementation of stable tokens in Wyoming. It had recently held a vote to raise $5 million for it’s budget. While Wyoming was the first to pass a law on a state stablecoin, it isn’t the only state considering launching its own digital currency. The race is on.
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00:00 intro
00:20 Sponsor: iTrust Capital
00:49 Tokenized Treasuries Growth
01:29 Wyoming Stablecoin Commission
02:39 $5.8 Million Budget
03:58 Need To Move Fast
05:14 Are They Too Late?
06:48 The Need For Third-Party Help
07:33 Vote Passes
09:08 The Race is on
10:01 Tether vs Circle USDC
11:04 What’s Next?
11:59 Stablecoin Coming Early
12:53 outro
#Crypto #Bitcoin #Ethereum
~First State Stablecoin Moving Fast!🔥Wyoming Stablecoin on Ethereum?~
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[Music] Stable coins about to go mainstream and Today we're going to be breaking down Who could be leading the charge Wyoming And many others could be coming into the Stable coin business for all of you guys So you guys don't want to miss this my Name is Paul bar welcome back in Tech Path thank our sponsor today that is it Trust Capital if you're looking on Long-term holding of your crypto assets And you want to do it in an IRA which a Lot of people are starting to do now and Looking at long-term gains this is one Of the ways you can do it use our link Down below it's going to take you over To itrust capital.com and you can be one Of like a quarter of a million people Buying and selling crypto right there Within your IRA check it out use our Link and get a $100 funding reward if You decide to go that direction all Right couple of things going on and we Know what's happening in the space right Now I think obviously with the ETFs Going you've got tokenized treasuries Continuing to climb and I think when you Look look at the opportunity here for a Stable coin to be integrated into a State Wyoming is in a very interesting Position could be the charge that leads A lot of States into this kind of Strategy even if you look at open Eden Which is essentially what they're doing
This is where US Treasury yields are on Chain all of this is getting into what I Think will be municipalities government Agencies Etc starting to understand Where the future of blockchain is going Now we did a video on this not too long Ago Wyoming stable coin launching on Cardano ethereum polygon which one would It be if you guys want to go back and Check that out uh you'll get a chance I've got a few clips for you lined up Today and it's basically the hearing and It will start to get a framework around What they're doing why they're doing and How they're going to pull this off so Listen in let's go over to this first Clip the commission is staffed by seven Commissioners the initial three who are Apped to the commission were the Governor the state auditor and the state Treasurer the three Commissioners then Appointed four more subject matter Experts those again would include Flavia Naves who is the former general counsel Of circle I'd like you to look up Circle committee on your machines in Front of You Circle again is the the largest not To spoil anything but they are the Largest domestic stable token issuer With $25 billion under management and Have raised over $1.1 billion in capital So this is kind of a real company a real Thing huh this is certainly a real thing
Madam chairman thank you Sorry uh they're getting a little fun There I like that I like their attitude Uh let's go on to the next clip this This is going to get into a little bit More around the budget that's going to Be required to get a stable going off The ground listen in again we asking for $5.8 million for the 2025 2026 by anym And I put a very important part in bold Here that the commission expects and Intends to return all capital provided By the general fund using investment Income generated by the underlying Reserves of the stable token and Critically here we've entered a request For information period to solicit to Begin socializing with potential vendors What it is we're trying to build which Is again the full front to back life Cycle of a Wyoming stable token the Response to the RFI I would characteriz It as overwhelming in the 30 days we had Which includes the Thanksgiving holiday In which the if I was live I was in Contact with over 210 people across 92 Companies who are interested in Contributing to this effort all right so You can imagine this is going to be a Huge income generator for States like This that are generating a potential Stable coin that's what I was talking About earlier this week stablecoin will Go down in history as probably the best
Killer app of all time I the revenue if You look at tether and what was able to Be accomplished with a very small team That's the point that we're getting to So on this next clip they go into the Timeline and what they're up against Listen in one other thing I wanted to Highlight here is the need for Expediency from our agency there is uh Great economic potential here in Leveraging the high interest rate Environments we currently find ourselves In that being said the FED has already Alluded to cutting rates several times Across 2024 um and that would have an Impact on how much revenues we're able To generate so again being expeditious With this will be beneficial some of the Math we've been using um to do our Projections here assumes a $100 million Market capitalization of the stable Token a 4.5% interest rate on $100 Million of staple tokens outstanding That is $4.5 million if you were to Allocate every one of those dollars to Repay you'd be almost there in a year How many employees do we have director Madam chairman CER GW you're looking at Them if we approve the funds what's your Timeline for when the state St token can Go online be live director Adam chairman Representative Stith our goal is to have The stable token online by the end of This calendar year so by year end 2024
All right so they're uh expedient on how To maybe make this happen but are they Too late that's really the next question Here's what they had to say about that Mam chairman director apolla how would You respond to say naysayers who would Say well this is a nice effort but we're Too late because usdc They already have a first mover Advantage and if we come out with our Stable Co token it just won't go Anywhere because whoever gets their First wins and I think there's plenty of Potential for us to be the first Publicly issued stable token on the Market from a purely mathematical Perspective the fact that PayPal Launched their stable token in August I Believe it was August 24th of last year Uh with about $40 million of market cap Out the gate it's now 300 million there Is room for new entrance into the market Our hope is some of those uh legal Benefits and value ads would be Conferred to the end user in terms of Things like privacy um or custody would You also say that one of the advantages Is that having a a sovereign state a Wyoming stable token gives an added Sense of confidence that the private Sector just simply can't provide I would 100% agree with that comment yeah so I Think there's a few things they hit on There is is the fact that yes a state
Issued stable coin probably would have More provenance around potential Investment especially from people who May be looking at crypto for the first Time so it gets back into that scenario And unless we see a stable coin Bill Come in which we most likely will but uh This I think is going to cause a bit of A movement in the states could Wyoming Be the one that leads us out uh going Forward now how are they going to pull It off that's the question uh they're Going to go into the need for third Parties listening to what they had to Say providing Daily net asset values Etc Which is not um what the Treasures Office typically does and if we were to Um take the time to initiate new Policies hire new staff train new staff Etc we might impede the progress of the Stable token and we do not wish to Endanger the first public mover Advantage that the stable token would Have does that impede your ability to Meet your 2024 goal I I do not believe That as a blocker at this time thank you All right so that's uh that's a good one Let's go to this next clip because They're going to get into voting on this Let's listen to what they had to say Madam chairman I would move to uh Appropriate of that agency $5.8 million As requested I see that as a motion to Open up the agency 91 first does
Everyone understand the motion I give me a second Here I want to be supportive of this but I also so you know it's kind of hard Itive Larson I'm having a hard time a Lot of things I don't understand about This I don't pretend to I would I'm I'm G to vote against this but uh I would I Would support a smaller number one of The truly big use cases for this would Be if the retailers including the big Box retailers and all our large Retailers Who currently pay a lot of Money in credit card processing fees if They were to convince their customers to Use a stable token instead suddenly Instead of paying 2% on every Transaction they're now paying almost Nothing per transaction that's that's a Huge potential for that the work that You're doing is this is pretty fun stuff Anding it is certainly over my head but I trust you do a raise of hands all Those in favor please raise your Hands all those opposed please raise Your hands Madame chairman I got 75 so that motion has passed all right There you have it uh Wyoming is going to Be launching a stable coin the real Question is how are they going to get it Done they talk about vendors and how Quickly this could play out listen in The budget and I put this in bit of air
Quotes passed with a 7 to5 vote the European Central Bank put out a series Of five requests for proposals they're Offering $1.2 billion to build that Um so I think our ass to the JC of 5.8 Million is pretty pretty relative to That there are potential vendor names on Here but this is the context which Substantiates the the 3.7 is million doll ask for vendor Services not a lot really if you think About it three about 300 three and a Half million dollars to be able to pull This off questionable can they do it if They do they will have created a Blueprint for a lot of states that I Think will follow in the footsteps of Wyoming so who is it going to be let's Listen into what they had to say a Little on on tther I noticed that we Didn't really discuss that as a use case As far as uh some of the uh R token Displaces some of the tether token I'm Assuming that's that's still something That won't happen maybe in in 24 25 but Probably after that uh but I'm I'm not Sure where tether comes into our use Cases I guess is tether's C so the CEO Of caner Fitzgerald which manages Tether's Reserve or or majority of Tether's reserves is has said as of this Week at Davos that uh they have the Money in reserves however they've still Not passed an audit and I think that's
Kind of a wait and see approach from From our perspective um also quickly Noting for the other incumbents we're Typically tracking so Circle uh Privately filed an S1 report so they do Intend to go public although the details Are not going to be known until that S1 Becomes public as well all right so I Think you you might get the picture here Of what direction they're going to be Going so really what is next when it Comes to um essentially the Wyoming Stable coin writing on ethereum let's Take a look listen in um but we've now Reached out to almost 250 people Including and up to as I was walking Into this discussion with um fairly Large potential service providers that Could be interested in what we're doing Or are interested in what we're doing we Expect to open the rfps on March 22nd And I do believe at this point in time We can consolidate a lot of Functionality into a smaller number of Rfps so digital wallets issuing tokens Exchanges those could potentially be Bundled up and we'll see how that all Manifests again that's all very much in Flight first thing on March 18th with The expectation we're getting those live On March 22nd the next meeting of the Stable token commission is expected to Happen on February 15th and again that One will be a little bit more robust
With some of the documentation we've Just talked about all right so so They're moving fast I mean February 15th Just around the corner here for their Next meeting and then in March starting To deploy rfps request for proposals and Get those projects starting and going Underway they could pull this off and if If they're aggressive and if they get The right kind of vendors you might even See an early entry into the market Before the end of the year granted we're Going to see Ray cus they mentioned that Talked a little bit about that that Would reduce the amount of you know Money that would be available to things Such as this when you're starting to Park cash Into things like a stable coin or in Some similarities of what other projects Are doing out there so this is a big Move for blockchain I think it's also a Big move I think for the awareness Factor of just everyday citizens Starting to realize that the states are Starting to work with crypto that to me Starts to create that you know kind of That snowball effect of adoption we're Going to continue to cover the the topic Try to get you as much information Around this because I imagine there'll Be some states following up on this so Stay tuned right here for all that if You're not in the diamond Circle jump in
Now great place to get additional Content or you can catch me out there on X at Paul Baron we'll catch you next Time right here on Techpad
