Wyo. Stat. Ann. § 40-31-101 Short title.
This act shall be known and may be cited as the "Wyoming Stable Token Act."
Wyoming Stable Token Act
Wyo. Stat. Ann. tit. 40, ch. 31
in effectWyo. Stat. Ann. § 40-31-102 Definitions.
(a) As used in this act:
(i) "Commission" means the Wyoming stable token commission created by W.S. 40-31-103;
(ii) "Board" means the board of the Wyoming stable token commission;
(iii) "Director" means the director of the Wyoming stable token commission;
(iv) "Financial institution" means any entity approved by the commission to act as a manager or otherwise to manage, operate and maintain Wyoming stable tokens;
(v) "Notional value" means face value;
(vi) "Token holder" means a person who lawfully owns any portion of a Wyoming stable token;
(vii) "Treasurer" means the state treasurer;
(viii) "Wyoming stable token" means the virtual currency issued by the commission pursuant to this act;
(ix) "Virtual currency" means as defined in W.S. 34-29-101(a)(iv);
(x) "This act" means W.S. 40-31-101 through 40-31-110.
Wyo. Stat. Ann. § 40-31-103 Wyoming stable token commission.
(a) There is created the Wyoming stable token commission, which is a body politic and corporate operating as an instrumentality of the state of Wyoming, with authority to adopt an official seal and to sue and be sued. The commission may enter into agreements with other states for the purposes of consulting, coordinating and facilitating the use of Wyoming stable tokens issued by the commission under this act.
(b) The commission shall be governed by a board composed of:
(i) The governor or the governor's designee;
(ii) The auditor or the auditor's designee;
(iii) The treasurer or the treasurer's designee;
(iv) Not more than four (4) subject matter experts in virtual currency and financial technology appointed by a majority vote of the members of the board designated in paragraphs (i) through (iii) of this subsection, and serving at the discretion of those members. Only subject matter experts who are free from conflict of interest in performing the duties of the board shall be appointed to, or serve on, the board. Each subject matter expert shall be required to furnish fingerprints for submission to the federal bureau of investigation or any governmental agency or entity authorized to receive fingerprints for a state, national and international criminal history background check.
(c) Members of the board appointed pursuant to paragraph (b)(iv) of this section shall receive the same per diem, expenses and travel allowance as members of the legislature under W.S. 28-5-101 while in attendance at meetings of the board and while performing their duties as members of the board.
(d) The commission is subject to the requirements of:
(i) W.S. 16-3-101 through 16-3-105;
(ii) W.S. 16-4-201 through 16-4-205;
(iii) W.S. 16-4-401 through 16-4-408.
Wyo. Stat. Ann. § 40-31-104 Wyoming stable token value; limitations.
A Wyoming stable token is a virtual currency representative of and redeemable for one (1) United States dollar held in trust by the state of Wyoming as provided by W.S. 40-31-106. Stable tokens shall only be issued in exchange for United States dollars.
Wyo. Stat. Ann. § 40-31-105 Powers of the commission.
(a) This act shall be administered by the commission in accordance with this act.
(b) The commission shall adopt rules and regulations as necessary to administer this act and to ensure compliance with all applicable state and federal law.
(c) The commission may:
(i) Issue Wyoming stable tokens as provided in this act, and provide for matters related to the issuance of Wyoming stable tokens, including the types of Wyoming stable tokens to be issued, the supply characteristics for each type, the means used to issue, maintain and manage the Wyoming stable tokens and the manner of and requirements for redemption;
(ii) Retain professional services, if necessary, including accountants, auditors, consultants and other experts;
(iii) Make and enter into any contracts, agreements or arrangements and retain, employ and contract for the services of financial institutions, financial service providers and research, technical and other services as necessary to implement this act;
(iv) Select the financial institutions to manage the Wyoming stable tokens;
(v) Seek rulings and other guidance from the United States department of the treasury, the United States internal revenue service, the United States securities and exchange commission and any other relevant federal agency relating to this act;
(vi) Utilize the services of the state treasurer's office in investing and managing the Wyoming stable token trust account;
(vii) Employ a director and employees as it deems necessary for the performance of its duties. The commission shall prescribe the powers and duties and fix the compensation of the director and employees. The director shall be required to furnish fingerprints for submission to the federal bureau of investigation or any governmental agency or entity authorized to receive fingerprints for a state, national and international criminal history background check.
(d) The commission shall:
(i) Notwithstanding W.S. 9-4-716, maintain, invest and reinvest the funds received for issuing Wyoming stable tokens and any earnings from those investments in accordance with investment policies established by rule and regulation of the commission in consultation with the treasurer and according to this act;
(ii) Oversee the review and audit of the operations and transactions implemented pursuant to this act to include the commissioning of independent audits as necessary. Costs incurred to perform independent audits and reviews of the implementation of this act shall be deemed operational costs.
(e) Before publicly issuing any fully reserved Wyoming stable tokens, the director shall provide a comprehensive report to the select committee on blockchain, financial technology and digital innovation technology and the joint minerals, business and economic development interim committee on all actions taken under this act.
Wyo. Stat. Ann. § 40-31-106 Wyoming stable token accounts.
(a) The Wyoming stable token trust account is created. The commission shall deposit all funds received for the issuance of Wyoming stable tokens into the account. Funds within the account received from the sale of Wyoming stable tokens shall be held in trust to support the redemption of Wyoming stable tokens, and shall not be expended for any other purpose but shall be expended to redeem Wyoming stable tokens. The commission shall invest funds within the account exclusively in cash, United States treasury securities with a maturity of three hundred sixty-five (365) days or less, United States treasury security repurchase agreements with a term of thirty (30) days or less or in compliance with 17 C.F.R. part 270.2a-7. By creation of this trust, the state does not create any fiduciary duty to token holders. Investment earnings generated by the funds in the account may be deposited in the Wyoming stable token administration account as provided in subsection (b) of this section.
(b) Not less than one hundred percent (100%) of the notional value of all outstanding issued Wyoming stable tokens shall be maintained in the Wyoming stable token trust account. All earnings paid on funds and investments in the account shall be deposited in the account. Investment earnings on funds in the account in excess of one hundred percent (100%) of the notional value of all outstanding issued Wyoming stable tokens shall be transferred to the Wyoming stable token administration account.
(c) The Wyoming stable token administration account is created. Funds received into the account from any source shall be retained, expended or transferred and are continuously appropriated for the following:
(i) To pay for the operational costs of this act until all operational costs of this act are fully paid;
(ii) After payment of operational costs, to be transferred to the Wyoming stable token liquidity account created in subsection (d) of this section in amounts necessary to maintain in the liquidity account an amount equal to two percent (2%) of the notional value of all outstanding issued Wyoming stable tokens;
(iii) From any funds remaining after the expenditures and transfers required by paragraphs (i) and (ii) of this subsection, funds in the administration account shall be retained in the administration account for savings in an amount consistent with rules set by the commission to provide for future expenditures under paragraph (i) of this subsection;
(iv) Amounts remaining in the administration account after the application of paragraphs (i) through (iii) of this subsection shall be distributed on a quarterly basis into the public school foundation program account created by W.S. 21-13-306(a).
(d) The Wyoming stable token liquidity account is created. The commission shall maintain in the liquidity account an amount equal to two percent (2%) of the notional value of all outstanding issued Wyoming stable tokens as a reserve amount. Funds in the liquidity account are continuously appropriated to the commission for the purpose of maintaining a reserve amount as required by this subsection and for transferring funds to the Wyoming stable token trust account to mitigate losses incurred in the liquidation of assets held in the trust account and to support the redemption of Wyoming stable tokens as provided by this act. Nothing in this subsection shall be construed to prohibit the commission from transferring funds from the liquidity account to the Wyoming stable token trust account for redemption support. For purposes of this act, funds in the Wyoming stable token liquidity account shall not be treated as part of the Wyoming stable token trust account.
(e) The commission may, subject to rules promulgated by the commission, accept federal grants and other contributions, grants, gifts, transfers, bequests and donations from any source for deposit into any account created in this section, provided that funds deposited into an account under this section shall be subject to the requirements of that account.
Wyo. Stat. Ann. § 40-31-107 Redemption.
One (1) Wyoming stable token shall be redeemable for one (1) United States dollar upon demand as set forth by rule of the commission. The value of the Wyoming stable token upon redemption shall be one (1) United States dollar for each one (1) Wyoming stable token, unless the interest rate of United States treasury bills at the time of redemption is negative or the total assets available in the Wyoming stable token trust account divided by the number of outstanding Wyoming stable tokens is less than one (1) dollar, in which case the value of the Wyoming stable token upon redemption shall be the liquidated value of the United States treasury bill redeemed to pay the demand for the Wyoming stable token as determined by rule of the commission. In no case shall the redemption result in the state paying a higher amount than the total assets in the Wyoming stable token trust account divided by the number of outstanding Wyoming stable tokens after all expenses have been paid as determined by the commission and auditor as provided by rules and regulations of the commission.
Wyo. Stat. Ann. § 40-31-108 Notice of limitations.
Under rules adopted by the commission, every contract, application or other similar document that may be used in connection with the purchase of Wyoming stable tokens shall clearly state that the Wyoming stable token is not insured by this state and the principal deposited is not guaranteed by the state beyond the notional value of the Wyoming stable token trust account.
Wyo. Stat. Ann. § 40-31-109 Limitations on liability.
(a) The state shall not be liable to any person for any amount beyond the notional value of the fund maintained in the Wyoming stable token trust account. Any Wyoming stable tokens issued under this act are payable and collectable solely out of the Wyoming stable token trust account. Token holders shall not look to any general or other state fund for redemption of any Wyoming stable tokens. The Wyoming stable tokens shall not constitute any indebtedness or a debt within the meaning of any constitutional or statutory provision or limitation. The tokens shall not be considered or held to be general obligations of the state but shall constitute special obligations of the state and the commission shall not pledge the state's full faith and credit for redemption of any Wyoming stable token.
(b) The state, the board and employees of the Wyoming stable token commission shall be entitled to immunity from liability, including defense, in connection with any contract or transaction involving or related to Wyoming stable tokens under this act. The state shall be entitled to reasonable attorney fees and costs from any party who brings an unsuccessful action on the notional value of a token.
Wyo. Stat. Ann. § 40-31-110 Bidding requirements; contract procedures.
(a) The commission shall enter into contracts for procurements by competitive bidding. The requirement for competitive bidding shall not apply in the case of a single vendor having exclusive rights to offer a particular service or product.
(b) Procedures adopted by the board shall be designed to allow the selection of proposals that provide the greatest long term benefit to the state, the greatest integrity for the commission and the best service and products for the public.
(c) In any bidding process, the commission may administer its own bidding and procurement or may utilize the services of the department of administration and information or other state agency or subdivision thereof.
Source: WY Statutes (Official Site)URL: https://wyoleg.gov/statutes/compress/title40.pdfFetched: 10/4/2026