For its new stablecoin initiative, the US state of Wyoming is looking to fill an executive director post. The position will pay an annual salary of $150,000, which is $10,000 more than the governor of the state.
The executive director will be responsible for carrying out the goals of the Wyoming Stable Token Commission, an organisation that was established when the Wyoming Stable Token Act was passed earlier this year, according to the job description for the position.
State Senators Chris Rothfuss and Tara Nethercott, along with Representatives Jared Olsen and Mike Yin from the House, first put forth the Act in February 2022.
The Act gives the Commission permission to create a stablecoin in Wyoming pegged to the US dollar that may be redeemed for cash deposited in the state’s bank account.
The Commission stated in the job posting that it is seeking a candidate with “connections and expertise in the blockchain industry.”
The ideal candidate should also be acquainted with Wyoming’s legislative procedures and significant players, have “an understanding of cryptocurrency economics,” and be “aware of currency, banking, securities, and other financial system aspects […],” according to the statement.
Former Circle general counsel on the Commission
Currently, the Wyoming Stable Token Commission is composed of the Republican governor of the state, Mark Gordon, as well as the treasurer, auditor, and four experts in cryptocurrencies and payments.
Flavia Naves, a former general counsel at Circle, the company that created the well-known stablecoin USD Coin (USDC), is one of the Commission’s experts.
Governor Gordon’s communications director, Michael Pearlman, stated in a statement to Bloomberg that the Commission intends to move quickly to issue a stablecoin by the end of 2023, making it the first US state to do so.
“Given that the enacting legislation has a timeline of issuing a token by the end of the year, I believe they are hoping to work expeditiously,” the man stated.
The most pro-crypto state
One of the most crypto-friendly states in the US is Wyoming, which is under Republican control.
Additionally, Wyoming is where Republican Senator Cynthia Lummis, regarded as one of the US Senate’s most pro-crypto members, was born and raised.
The Bitcoin 2023 conference was held in Miami, and Senator Lummis said there that “digital assets are the future of financial innovation.”