The State of Wyoming is hiring blockchain developers to support the creation of its government-issued stablecoin currency.

The Wyoming Stable Token Commission has issued public Requests for Qualification to attract talent for its stablecoin initiative, known as “Project WYST.”

Stablecoins are digital currencies that trade with 1:1 dollar parity, allowing users to deploy U.S. dollars in blockchain markets and decentralized finance venues. The sector has over $200 billion in circulation, and stabelcoins feature in most cryptocurrency transactions, according to the U.S. Treasury Department.

Applicants have until Dec. 12 to submit their proposals for roles that include token development, support, listing, on-chain analysis, reserve management, financial auditing, and ecosystem intelligence.

WYST details remain limited, but Commission discussions indicate it may launch on Ethereum or Solana networks.

The Wyoming Stable Token Act, passed in 2023, authorized the state to issue stablecoins. According to the WyoStable Commission website, WYST is designed 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.

WYST is a proposed virtual currency representative of and redeemable for one (1) United States dollar held in trust by the state of Wyoming as provided by W.S. 40‑31‑106. Stable tokens shall only be issued in exchange for United States dollars.

WyoStable Commission website

Wyoming has positioned itself as a web3 leader with U.S. borders. In March, the state officially recognized decentralized autonomous organizations as legal entities.

The landmark crypto bill reaffirmed sovereign acceptance for DAOs amid regulatory uncertainty, predominantly from the Securities and Exchange Commission. Kraken also launched its licensed custody solution in the state in March.

Back in February 2023, local lawmakers passed a bill to protect crypto self-custody, protecting the right to hold Bitcoin (BTC) and other digital assets. Wyoming Senator Cynthia Lummis was at the forefront of Federal Congressional efforts to establish a national Bitcoin reserve. Thousands penned letters supporting her BITCOIN BILL, per crypto.news reporting.

Other states were following suit and mulled Bitcoin reserve legislation as the U.S. voted its first pro-BTC president in Republican Donald Trump.

Satoshi Act Fund founder Dennis Porter announced that several U.S. states are preparing to propose legislation for sovereign Bitcoin reserves.

In an attempt to front-run President Donald Trump’s Bitcoin (BTC) promise, Porter has lobbied local policymakers to introduce legislation for BTC stockpiles across 10 state jurisdictions. Porter disclosed the development via an X thread, highlighting efforts from his Satoshi Act Fund organization toward passing Bitcoin-focused laws.

I can now officially confirm and announce that 10 states will be introducing ‘Strategic Bitcoin Reserves’ legislation here in the great United STATES of America. We are going to win with Bitcoin. We will lead the world. No one will come close. The word will follow our lead.

Dennis Porter, Satoshi Act Fund founder and CEO

The public BTC supported also announced a joint discussion with Wyoming Senator Cynthia Lummis regarding her BITCOIN ACT, suggesting that Porter has engaged federal lawmakers to position the U.S. as a Bitcoin leader.

Lummis’s proposal would transfer 207,000 BTC seized by authorities to the Treasury Department. The Senator also pushed to convert U.S. gold certificates to finance BTC purchases and accumulate one million coins over five years.

“The race is on. Let the game theory begin,” Porter tweeted, referring to President Trump’s plan to establish a government BTC stockpile from America’s existing $19 billion horde.

Nations, states, and governments are rushing to grab portions of BTC’s 21 million fixed supply following Trump’s victory at the presidential polls. Within the U.S., Pennsylvania already passed a bill legalizing BTC payments and crypto self-custody. The state also introduced a bill paving the way for its own BTC reserve in November.

On the international front, Brazil’s Senate considered pitching a national BTC reserve to President Luiz Inácio Lula da SilvaCongressman Eros Biondini submitted the idea to Brazil’s Chamber of Deputies as crypto.news reported.

HODL has been the time-honored philosophy of Bitcoin (BTC) holders. Rather than spending their growing wealth, those who own the biggest cryptocurrency have chosen to ‘hold on for dear life’ with an evangelistic zeal. Nevertheless, while Bitcoin, the king of crypto, continues to capture the headlines, the cryptocurrency space is in a very different place now from where it was just a few years ago. 

Dogecoin (DOGE) may have been launched in 2013, but it is currently in the cycle of an explosion of interest in memecoins. While this market has unfortunately been prey to scams and pump-and-dump schemes, the growth and increasing significance of meme coins is an undeniable fact. 

Meanwhile, the architecture and payment rails of the space have also changed dramatically. In the past, Bitcoin holders who chose to sell their holdings and off-ramp rather than HODL often had to rely upon shady intermediaries, exorbitant fees, and snail-paced processing times. Now, holders of cryptocurrency have a variety of options for off-ramping, with payment specialists in the web3 space forming partnerships with giants from the TradFi space, such as Mastercard. Off-ramping from digital tokens into a fiat currency can now be done in a seamless and secure way with low fees and charges. 

Meme coin frenzy

In the current bull market cycle, which has seen Bitcoin pierce a new all-time high above $97,000, the market capitalization of meme coins has skyrocketed from $56 billion to $118 billion following Trump’s re-election and a subsequent crypto bull run. 

Originally created as a joke based on the ‘Doge’ meme featuring a Shiba Inu dog, DOGE is the biggest and most recognisable meme coin. Many meme coins are also named after endearing animals, one example being Moo Deng (MOODENG), the baby pygmy hippopotamus living in a Thai zoo. 

Elon Musk’s appointment to President-elect Donald Trump’s cabinet as head of the new Department of Government Efficiency, DOGE, has fueled DOGE’s ascent, with the digital token now having a market capitalization of $58 billion. We’re now witnessing tens of thousands of meme coins attempting to emulate DOGE’s success being created each day on Pump.Fun, a Solana-based tool that removes technical barriers to developing the tokens. 

Crypto traders are FOMing into newly launched meme coins, often for just a few dollars, in the hope that the token will capture a cult-like following and soar in value. Non-custodial wallet Phantom, which provides users with an array of opportunities to bet on meme coins, has been propelled to the second spot on the charts in the utility section of the Apple App Store in the US. Those who make winning bets on meme coins often swap the tokens into established cryptocurrencies such as Solana to lock in profits and as a bridge before converting their holdings into a fiat currency. 

End of creaky payment rails 

The cryptocurrency space has evolved to a point where it is almost unrecognizable from where it was a decade ago. Notably, Mastercard and Visa have now entered the web3 ecosystem. Mercuryo’s Mastercard crypto debit card, Spend, bridges the gap between non-custodial crypto wallets and traditional payment methods. Spend is a plug-and-play solution that can be quickly integrated into a non-custodial wallet and rolled out to users who can add it to their Apple Pay or Google Play wallet. Spend is available to use online and in-store across Mastercard’s 100 million-plus network of merchants, providing users with a seamless, low-cost means of off-ramping their crypto holdings. Holders of the Spend card benefit from a level of consumer protection on a par with a traditional debit or credit card. 

The cryptocurrency space is continually evolving. The growing significance of meme coins has partly been driven by Generation Z’s dominance of social media channels such as Instagram, TikTok, and X. These social channels provide a public forum for newly launched meme coins to go viral and obtain a cult-like following. 

At the same time, we are witnessing the emergence of new payment products that provide crypto traders with an accessible and low-cost means of spending their trading profits. While the philosophy of HODL still resonates strongly with Bitcoin evangelists, newcomers to the web3 space arguably have more of a ‘live-for-today’ philosophy. Driven by a belief that life is short and crypto profits should be spent, these consumers are taking advantage of payment products that facilitate the off-ramping of cryptocurrency at a low cost. While it is pure speculation to guess how long the current crypto bull market will go on, what’s certain is that the market is continuing to evolve at a breakneck pace. This is reflected in a somewhat comedic fashion with the meme coin mania that we’ve been witnessing but also in the increasing sophistication of payment products in the space. These off-ramping services have levels of compliance and protection that are on par with payment products from traditional finance and enable people to spend their newfound crypto wealth in the real world.

Greg Waisman

Greg Waisman is the co-founder and chief operating officer of the crypto wallet service Mercuryo. He has been creating products for over 10 years: he takes the idea and turns it into a working product with a real audience. Greg has extensive experience in managing cross-functional teams.