The Wyoming Stable Token Commission has released its draft Token Management Rules, formally opening a 45-day public comment period that runs until November 6, 2025, at 5:00 PM MT.

Once finalized, these rules will provide the framework for how the Wyoming Stable Token (WST) is managed on a technical level, covering processes for issuance, security, custody, and governance.

Background: Wyoming’s Leadership in Digital Assets

Wyoming has positioned itself as a national leader in digital asset regulation. Through its legislative and regulatory efforts, the state has created a favorable environment for blockchain innovation while also prioritizing consumer protection and transparency.

The Wyoming Stable Token Commission is responsible for designing and managing a state-backed stable token, fully reserved with U.S. dollars held in trust. The Token Management Rules are a critical element of this effort, setting out the operational and technical standards necessary to maintain stability and trust.

Key Areas of the Draft Rules

The draft Token Management Rules are expected to address several core areas:

• Technical Standards – Specifications for issuance, redemption, and blockchain record-keeping.

• Custody and Reserve Management – Guidelines to ensure reserves are safeguarded and that tokens remain fully backed on a one-to-one basis with U.S. dollars.

• Audit and Transparency Requirements – Regular disclosures and independent reviews to reinforce accountability.

• Risk Management Controls – Measures to mitigate fraud, cyberattacks, and operational failures.

• Operational Processes – Governance of wallets, private keys, and token lifecycle management.

These provisions aim to balance innovation with reliability, creating a token system that can be trusted by both state residents and global participants.

Public Comment Period: How to Participate

The Commission is inviting comments from the public, businesses, academics, and industry experts. Input received during this period will inform the final rules.

• Dates: September 19, 2025 (9:00 AM MT) – November 6, 2025 (5:00 PM MT)
  
  

• Review the Draft:
  
  

  • Wyoming Secretary of State’s Rules Portal
    
    

• Submit Comments:
  
  

  • Online: via the official Public Comment Form

  • By Mail: 2323 Carey Ave, Cheyenne, WY 82001

  • By Email: stabletoken@wyo.gov
    
    

Why It Matters

The Token Management Rules will determine how the Wyoming Stable Token operates, ensuring that it remains credible, transparent, and efficient. The framework has broader implications:

• For Regulators: Establishes a model that could guide other states exploring stable token frameworks.

• For Businesses: Provides regulatory clarity to integrate the WST into financial services, payments, and emerging applications.

• For Consumers: Guarantees transparency and reserve backing, building trust in the token’s stability.

• For Innovators: Creates a foundation for new blockchain-based products that can rely on a secure, state-backed stable token.

Call to Action

The Wyoming Stable Token initiative is a nationally watched experiment in responsible digital asset management. The Commission’s decision to open the rules to public comment reflects its commitment to transparency, accountability, and inclusive governance.

All stakeholders, policy experts, businesses, technologists, and members of the public are encouraged to participate. Submissions must be received no later than November 6, 2025, at 5:00 PM MT.