Wyoming Governor Backs Away From Bitcoin Reserve Plan After Failure
Gordon said Wyoming should focus on more practical cryptocurrency projects, like the stablecoin that is set to launch this summer.
Wyoming Governor Mark Gordon spoke out Wednesday about distancing himself from lawmakers' failed attempt to create a state-run Bitcoin reserve, instead focusing on more practical cryptocurrency initiatives.
"Wyoming has taken a cautious approach to this," Gordon said at the DC Blockchain Summit. "Bitcoin is very volatile."
"That's an important lesson," he added, referring to bold initiatives like lawmakers' Bitcoin reserve plan.
In January, Wyoming considered using public funds to buy Bitcoin as a strategic investment. However, a bill on the subject failed to advance out of a legislative committee in the Republican-dominated state last month.
Wyoming has been friendly to crypto companies.
Wyoming Governor Confirms State Stablecoin Will Launch in July
Wyoming is preparing to launch its stablecoin this summer, according to Mark Gordon. He mentioned at the DC Blockchain conference that the state’s stablecoin, called WYST, will be rolled out after a testing phase in July. Built on LayerZero, the stablecoin will support blockchains like Ethereum, Solana, Avalanche, and scaling solutions like Polygon, Arbitrum, and Optimism.
“It’s great to see the political and market environment slowly shifting in a way that’s favorable to the crypto industry,” Gordon commented.
However, he also cautioned against simply chasing trends, and instead focusing on building blockchain products that provide real value.
“We need to make sure these projects work, rather than chasing the investment craze,” he said.
To this end, Gordon highlighted the launch of the WYST stablecoin as an important project for Wyoming, providing practical benefits to state residents while generating revenue from Treasury reserves to fund the school system.
Donald Trump. Photo: Shutterstock.
Trump pledges to make the US a Bitcoin superpower
In a statement at a digital asset conference in New York, President Donald Trump affirmed that he would make the US "the undisputed Bitcoin superpower". Trump is the first sitting president to speak at a crypto industry event.
For his part, Governor Gordon believes that projects like WYST are what Wyoming should focus on. He believes that this stablecoin will bring flexibility, security and generate a stable source of revenue for the state.
Gordon concluded: "We are very interested in making sure that the product we deploy is transparent and trustworthy. When it becomes useful, we can expand from there."
However, other states have opposed proposals that involve holding Bitcoin in public funds.