Wyoming state stablecoin proponents stated that they are not creating a central bank digital currency, as stablecoins will be fully backed by reserves such as U.S. Treasuries and won't create new money as central bank digital currencies

Event date

Feb 28, 2025 - 10:00pm

Quotes that support claims

Apollo went on to argue that unlike CBDCs, which are digitally issued by a central bank the same way cash is created, Wyoming’s stablecoin will be fully backed by reserves like U.S. Treasuries, and so does not pose inflationary risk. “Wyoming is not a central bank,” Apollo said. “We are not issuing any cash.”

Apollo explained that, unlike CBDCs, which are digitally created by a central bank in the same way as cash, Wyoming’s stablecoin will be fully backed by reserves, including U.S. Treasuries. “Wyoming is not a central bank,” he stressed. “We are not issuing any cash.” By linking the token to secure assets, state officials argue that WYST avoids the inflationary risks that can be associated with government-issued digital currencies.