Wyoming Tests First State-Level Stablecoin, Tether CEO Declares Start of ‘Stablecoin Multiverse’

Wyoming officials confirmed Wednesday that the state is testing its own stablecoin across seven blockchains. This move comes as the US government nears passing laws that will establish a legal framework for stablecoins.

Wyoming published testnet addresses for seven blockchains: Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon, and Base. While the stablecoin is planned to be multichain, it will initially launch on a single network. It should be noted that the state is collaborating with LayerZero, the team behind Stargate, to manage distribution.

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Wyoming’s effort stands out as it originates from a domestic government known for its long-standing support of the crypto industry.

Charles Hoskinson, founder of the Cardano (ADA) blockchain and, funnily enough, a Wyoming resident, criticised the process because Cardano was “unfairly excluded” from participating. But his comments actually highlight some of the friction in the industry as various groups seek to stake their claim in the expanding stablecoin market.

Tether and the Stablecoin Multiverse

Talking about high stakes, Tether (USDT) recently teamed up with four big auditing companies to audit the infamous USDT reserves.

Similarly, Paolo Ardoino, CEO of Tether, said via X that the crypto industry has entered a “stablecoin multiverse” era, noting that both private companies and governments are launching stablecoin solutions to meet “rising global demand”.

Ardoino also claimed that Tether now serves 400 million users worldwide and expects this figure to reach one billion soon, crediting the rapid growth to a grassroots approach that differs from traditional finance, stating:

We always focused on the adoption from the ground up, working in the streets, among other people, while traditional finance was watching at us from their ivory towers.

Paolo Ardoino, CEO Tether