Cardano founding entity EMURGO was recently invited to present in front of the Wyoming Stable Token Commission earlier this month.
As part of the Wyoming Stable Token Act, the Wyoming Stable Token Commission has been tasked with issuing a U.S. dollar-backed virtual currency by the end of 2023.
EMURGO COO Nikhil Joshi and EMURGO Chief of Staff Shunsuke Murasaki had the opportunity to present EMURGO’s insights into the usage of blockchain technology towards Wyoming’s stable token and the unique value EMURGO could provide for the project along with IOG.
EMURGO firmly believes that the Wyoming Stable Token Act is a wholly positive development for the blockchain industry in that US state regulators are actively embracing discussions on how to create a framework to foster real use cases for blockchain-based stablecoins.
As a global blockchain technology company based in Singapore with strong ties to the region, EMURGO also believes there are certain areas of mutual interest between EMURGO and the Stable Token Commission as Wyoming’s stable token has the potential to carry significant relevance for trade commerce in Asia by augmenting and facilitating trade between the two large economic regions.
In the presentation, EMURGO highlighted its connections to Asia and the Cardano blockchain to offer assistance to the Commission in shaping thinking around its stable token initiative and advocated for the Commission to create an initial framework for building its stable token.
Leveraging blockchain technology, a stablecoin or a stable token is a virtual currency designed to maintain price stability and is pegged to an external asset such as the US dollar. It enables faster, more transparent, and more secure digital transactions, especially for cross-border transactions that hold large potential and value for businesses and consumers.
According to available data from the Office of the United States Trade Representative, Wyoming exported $1.4 billion worth of US-made goods, with Asia-Pacific receiving $971 million worth of exported goods. By country, Indonesia and Malaysia accounted for two of the top 5 largest global markets for Wyoming’s exports.
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