Wyoming is pushing crypto payments and trying to beat the Fed to a digitaldollar

cnbc.com

3 points·svggrfgovgf··5 comments

A solution looking for a problem --- one that the Fed has already solved.

FedNow offers instant, low cost $ based transactions from your existing FDIC insured bank account. It's fairly new and not fully implemented at every bank just yet but it's coming!

How does this uninsured "cowboy" token pegged to the same $ currency improve on this? Are they looking to better support money laundering or something?

https://wyoleg.gov/Legislation/2023/SF0127

https://www.wyomingnews.com/news/local_news/gov-mark-gordon-...

interest income generated on the underlying securities will be used to diversify state revenue streams, with capital distributed to Wyoming’s school foundation program.

It'll help the schools etc.

So in other words, it directly benefits the state but not the individual.

By buying uninsured "cowboy" tokens, you're basically giving the state a loan at a 0% rate? I bet conspiracy theorists who don't trust government will be all in on this.

Once these conpiracy nuts figure it all out in a few years, this will only further validate their viewpoint.

So I guess the state run lottery just wasn't enough of a rip off.

I really don't know.

> Stablecoins are supposed to keep parity with an underlying asset, usually the U.S. dollar

This always stumps me: This cryptocurrency's value is tied to a fiat currency? Therefore, it's less a currency and more of a method of payment.

How does any cryptocurrency establish its own scope - universe if you will - if ultimately, it's pegged to a non-crypto currency (e.g., the dollar). How does a crypto currency avoid the financial "mood swings" of the currency it's pegged to?

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