Cryptocurrency
Wyoming stablecoin: Are state digital currencies even possible?
In July, the American state of Wyoming shared an open job position for the head of its Stable Token Commission.
The executive will work alongside Wyoming’s governor, state auditor, state treasurer and four expert appointees to bring the state’s very own stablecoin to life.
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.
In April, a similar initiative was proposed in Texas, where lawmakers introduced bills for creating a state-based digital currency backed by gold.
However, the idea of state stablecoins raises many questions: How would they affect the monetary stability of fiat money and the power of the Federal Reserve? Could they be compatible with a central bank digital currency? Do people really want to return to a system with state banks printing their own monetary notes?
The Wyoming experiment
The Wyoming Stable Token Act was originally introduced in February 2022, in the midst of the crypto market crisis. The bill defines the Wyoming stable token as a virtual currency representative of and redeemable for one U.S. dollar held in trust by the state of Wyoming. Basically, the state would tokenize the federal currency on a 1:1 ratio with deposits.
NEWS–bipartisan group of top #Wyoming legislators proposed a bill for State of Wyoming to issue a #stablecoin, 100% backed by USTreasuries, where the State keeps the float. I see pros & cons (didn’t know it was coming) but❤️that Wyoming continues to explore cool #crypto ideas! https://t.co/BXbELukUQE
— Caitlin Long ⚡️ (@CaitlinLong_) February 17, 2022
Explaining why state lawmakers took such an interest in the digital token project, Chris Rothfuss, the minority leader in the Wyoming State Senate, told Cointelegraph:
“Wyoming needs to be able to transact in a digital currency — to accept payments, to make payments, and to do so without risk. The Wyoming stable token is the solution to that challenge.”
A notable reservation in Section 2 of the Stable Token Act makes the state’s attorney general responsible for monitoring the startup phase of the token’s issuance. Should the attorney general believe it contradicts federal or state law, the project would be frozen.
The bill also sets a deadline for the project: The commission’s director shall provide their report on the doability of the stable token no later than Nov. 1, 2023.
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Other than that, the document doesn’t specify much; instead, it establishes the Stable Token Commission with the authority to craft further details.
The legislation’s path wasn’t easy. In March 2022, Governor Mark Gordon vetoed the bill, saying he was “unconvinced” that the state’s Treasury was ready to implement the project safely.
Gordon criticized the lack of information and the cost of accounting services, blockchain development and other necessary expenses, and he was skeptical of the project’s purported benefits.
A year later, the governor applauded the effort made by legislators to enhance the document, but voiced new reservations:
“First and foremost, there was no overall plan (a ‘business plan’ for lack of a better term) or, if a plan exists, it did not appear to have been used to guide the legislators in crafting the legislation.”
On March 22, 2023, the Stable Token Act was passed into law without Governor Gordon’s signature. Gordon recognized the state stable token’s potential to “nurture Wyoming’s reputation as a leader in the digital asset world” and deemed the improvements made by the bill’s authors enough to allow it to become law.
The era of multiple stablecoins?
Neither the U.S. Federal Reserve nor any crypto-focused legislators have reacted publicly to the Wyoming project, but it is hard to imagine any kind of affirmative response, given that the American dollar was established precisely to provide a countrywide monetary standard and bring the currency under the purview of the federal government.
So, in principle, any state token project could contradict the logic of central bank currency to a similar degree as private cryptocurrencies.
At the same time, the potential value of Wyoming’s stable token is rigorously tied to the same old American dollar, which makes it less of a separate currency and more of a state-issued financial asset, similar to the state-issued notes for specie of the 19th century.
Rothfuss clarified, “We are not issuing a new currency. The Wyoming stable token is a digital representation of a U.S. dollar held in trust by the state of Wyoming on behalf of the tokenholder. We are not competing with the Federal Reserve — we are enabling a technology.”
Some observers still see a potential conflict between the states and the Fed. “Certainly, there will be a tussle between states and the federal government over the former attempting to issue their own stablecoins,” Brent Xu, CEO of Web3 bond-market platform Umee, told Cointelegraph.
But there could be a compromise in which the Federal Reserve allows states to issue stablecoins under a particular framework, he believes, noting the discussions concerning a national framework for stablecoins.
Zachary Townsend, CEO of Bitcoin-based life insurance provider Meanwhile, doesn’t see any potential problems with state stablecoins, as he believes that the very concept of a stablecoin is open to almost any entity, political or corporate, as the recent example with PayPal’s initiative has shown.
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He told Cointelegraph, “There are going to be tons of private stablecoins. If I just looked at my life and all the companies I have ‘accounts’ or ‘wallets’ or ‘balances’ with, those are going to transform to become stablecoins within a few years.”
This is something Peter Herzog, state policy lead at the Crypto Council for Innovation, can agree with. “There are a variety of models for stablecoins that involve different decisions around underlying collateral, governance and more,” he explained to Cointelegraph. For Herzog, it comes as no surprise that individual states with an active interest in crypto are continuing their experiments with new initiatives:
“Until we see a federal regulatory framework, it is likely that states continue to step in to create rules of the road to promote innovation and protect consumers.”
In early March, a Truth Social post by President Donald Trump promoting a “Crypto Strategic Reserve” went viral in the United States.
However, within hours of its going up, the post backfired on one of Washington, D.C.’s most well-connected lobbyists, Brian Ballard.
Truth Social Post Drama
According to a report from Politico, the idea for the post came from a staff member at Ballard’s lobbying firm who had spoken to Trump several times during a weekend donor event at Mar-a-Lago. She allegedly urged the president to back the crypto industry publicly and even suggested the language he would use.
Unknown to Trump at the time, Ripple, whose native XRP token was mentioned in the message, was a client of Ballard’s firm. CEO Brad Garlinghouse has made no secret of his desire to see XRP included in a proposed digital asset reserve.
Once the President learned of the connection, he was furious. “He is not welcome in anything anymore,” Trump reportedly told White House associates later that month, referring to Ballard.
As a result, staff were allegedly quietly directed to avoid meetings with him, effectively freezing him out of the West Wing.
Since Trump’s return to power, Ballard Partners has gained 130 new customers. The firm earned $14 million in the first three months of 2025, more than three times what it made in the same period last year.
However, some people in Trump’s circle now believe the influence peddler has gone too far. According to Politico, they think he uses his past ties to the President and his team to get more clients, even though those relationships may not be as close as he claims.
“One way to get yourself in the doghouse is for the President to think you are trading on his name,” one Trump ally told the media outlet, adding that the lobbyist overstates his “importance and value.”
Ballard Denies Accusations
In a statement to the media outlet, the 65-year-old rejected the criticisms and denied that he has been sidelined. “I have never touted my relationships with people in the West Wing to try to win clients,” he noted.
Regarding the Truth Social incident, someone from his team said they never tried to trick Trump with the message. Despite this, the situation seems to have caused Ballard some trouble with his business. A few of his clients have reportedly begun seeking alternative routes to gain access to the President and his advisers.
After opening his Washington office in 2017, Ballard quickly became one of the city’s most successful lobbyists. He is a well-known figure in Trump’s world, having helped raise tens of millions of dollars for the politician’s campaigns.
He also used to represent the Trump Organization, and his firm also employed two of the President’s close allies, Susie Wiles and Pam Bondi.
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There are certain altcoin season vibes going on in the crypto market over the past weeks, as many representatives have marked notable price surges.
The trend is led by none other than the largest of them all – Ethereum, which has soared by another 8% in the past day, and trades well above $2,500.
ETH’s Roll Continues
ETH’s price plunged hard just over a month ago as it dropped to its lowest levels in over a year on April 9 at $1,400. It managed to bounce off in the following weeks but still struggled to reclaim $1,800 decisively. After the latest positive macro developments and the Pectra upgrade, its price finally started to climb hard.
On a daily scale, ETH has soared by nearly 9%, but its weekly surge is a lot more impressive – almost 40%. This has put its price tag at well above the psychological resistance of $2,500.
Many altcoins have followed suit with notable price increases as well. DOGE is in a league of its own from the larger ones, having surged by over 16% and now trading above $0.24. ADA, AVAX, LINK, SHIB, HBAR, TON, and PEPE are other impressive examples.
PI, UNI, and NEAR have also had double-digit price pumps over the past day, while LEO is among the few in the red.
The total crypto market cap has added another $70 billion and is up to $3.470 trillion on CG.
Bitcoin Back to $104K
Although BTC is still in the green on a daily scale, its increase is a lot more modest. BTC has jumped by less than 1% and trades above $104,000 after it was stopped at $105,000 earlier.
On a weekly scale, though, bitcoin has jumped by almost 9%. It finally managed to break through the $100,000 barrier this week for the first time in over three months.
However, its dominance over the alts has taken a big hit. Recall that the metric was riding high at roughly 62% just until several days ago but has dropped to under 60% as of now.
Its market cap, on the other hand, continues to increase and is up to $2.070 trillion on CG.
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Cryptocurrency
MyStonks Launches Industry-Leading On-Chain U.S. Stock-Token Marketplace with 100% Custody Backing
[PRESS RELEASE – New York, United States, May 10th, 2025]
MyStonks.org, a decentralized trading platform, announced the official launch of a fully custody-backed, on-chain U.S. stock token marketplace in the crypto industry. Cryptocurrency users can purchase U.S. stocks on MyStonks. Global asset management giant Fidelity provides custodial services for platform users, with an initial custody asset total of $50 million.
MyStonks has successfully established a complete operational cycle that links U.S. stock assets under Fidelity Custody to the Base blockchain for token minting and burning. Users can initiate purchases of Stonks100 stock tokens on MyStonks by transferring USDC or USDT from their self-custodied crypto wallets. Upon confirmation, MyStonks converts these stablecoins into USD and purchases the corresponding stock shares. These are then tokenized 1:1 into ERC-20 tokens via Base smart contracts. For example, when buying Apple shares, users receive AAPL.M tokens minted by MyStonks.org, representing the exact number of shares held. Token pricing utilizes Chainlink oracles.
If users wish to redeem their stock tokens, they can initiate a sell request for AAPL.M or other supported assets directly from their wallets. MyStonks will then convert the tokens back into stablecoins and burn the equivalent tokens in a 1:1 ratio.
To ensure the security of user assets, MyStonks has partnered with Fidelity, which provides custody services (Fidelity Custody) for platform users’ U.S. stock holdings.
According to a custodial statement dated April 29, 2025, Fidelity Custody holds over $50 million in U.S. equities ($50,473,199.00) on behalf of MyStonks Holding Limited. The initial batch of 95 tokenized equities includes major names such as AAPL, AMZN, DIS, GOOGL, META, MSFT, NFLX, and NVDA, each of which is mirrored on-chain by its respective token.
A representative from MyStonks explained that when users purchase U.S. stock tokens on the platform, the corresponding stocks are managed by Fidelity Custody, ensuring the authenticity, compliance, and auditability of assets. Through integration with Fidelity Custody’s infrastructure, MyStonks has achieved a seamless connection between on-chain tokens and off-chain stock assets.
As a trusted institution in TradFi, Fidelity plays a key role in safeguarding asset security and compliance, making it an important partner for MyStonks in the tokenization of stock trading.
Additionally, MyStonks has upgraded its on-chain trading security and user experience. When users initiate buy or sell orders, the platform executes the corresponding operations on the blockchain, including cross-chain asset management, real stock transactions, and the minting or burning of tokens. The entire process is transparent, traceable, and decentralized, enabling users to purchase U.S. stocks in a fully digital and tokenized manner.
All trading operations are governed by smart contracts to ensure immutability and auditability. A Decentralized Identity System (DID) safeguards account uniqueness and prevents fraudulent transactions. Core smart contracts have undergone security audits and are modularly designed to isolate risk. According to MyStonks.org, off-chain fund transfers require multisignature (multisig) wallet authorization to avoid single points of failure. Cross-chain asset movements are executed through audited protocols. Additional protections include a time-lock mechanism for transaction confirmation and HTTPS/HSTS enforcement for frontend encryption.
New user experience upgrades include support for on-chain limit orders, improved wallet connectivity, a refined user account dashboard, and optimized UI layouts.
“The launch of the Stonks100 tokenized U.S. stock marketplace marks an important milestone in our ongoing journey of innovation. As we continue to expand access to tokenized equities, our focus remains on offering secure, professional, and transparent trading infrastructure. We believe MyStonks users and our global community will grow alongside us as we push the boundaries of decentralized finance,” a MyStonks.org representative said.
About MyStonks.org
MyStonks.org is a decentralized crypto asset trading platform born out of a Community Takeover (CTO) effort by the Stonks community. It is an industry-leading platform to offer fully custody-backed, 1:1 tokenized U.S. equities on-chain. MyStonks aims to become the decentralized “NASDAQ” of the crypto world—supporting new token projects and reshaping the DeFi landscape for healthier market growth.
About the Stonks Community
The Stonks community draws inspiration from the GameStop ($GME) movement and the ethos of crypto resistance.
Whitepaper: https://main.mystonks.org/pc/whitepaper.html
Fidelity Custody Report:
https://main.mystonks.org/static/pdfjs/web/viewer.html?file=/static/Proof.pdf
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