52: The State That Issued Its Own Digital Dollar

Most conversations about crypto are really conversations about price. What it did this week, what it might do next, who got in early. There is a whole category that works the other way around, where the entire design goal is that nothing happens at all. A dollar today, and the same dollar tomorrow. In this episode, Ali Tager sits down with Stephanie Chan, enterprise project manager and deputy director at the Wyoming Stable Token Commission, the team behind the first stable token ever issued by a public entity in the United States. Stephanie read the Bitcoin white paper in 2014 while she was working at Bank of America, moved to Cheyenne five years later, and became the commission's first hire based in the state. The category is not small. Ali notes that stablecoins and stable tokens moved roughly $33 trillion last year, close to double what Visa processed, and Stephanie adds that as of February they passed ACH, the rails behind every direct deposit, for the first time. The GENIUS Act put uniform rules around all of it in 2025, which is a large part of why the last year has looked the way it has. What makes Wyoming different is who is doing the issuing. Stephanie walks through the structure: every token in circulation has a dollar sitting in a segregated trust account that never moves, the state publishes a daily attestation page that anyone can open and check, and the interest those reserves earn does not go to holders. It goes back to the state, and from there into the school foundation program. Her point about other issuers is the sharpest part of the conversation. Some back their tokens with a mixed basket, dollars and gold and whatever else. Wyoming went plain and one to one, she says, because that way there is nothing to hide. If you want to keep learning about all of this in plain English, head to nca.org, where you will find the Crypto 101 courses built for people taking a first step. Remember, crypto was always meant for everyone, including you. What We Discuss: 00:00 What Is a Stablecoin and Why Did Wyoming Launch a State-Issued Stable Token? 03:34 What Is a Stablecoin (Stable Token) in Plain English? Digital Dollars Explained 07:35 What's the Difference Between a Stablecoin and a Stable Token? 08:45 How Big Is the Stablecoin Market? $33 Trillion in Transactions vs. ACH 11:25 What Does the GENIUS Act Unlock for Everyday People and Businesses? 13:43 How Does Wyoming's State-Backed Stable Token Work? 1:1 Reserves Explained 15:50 How Does a Stable Token Fund Schools? 102% Collateral and Wyoming's School Foundation Program 27:05 Why Does Full Reserve Transparency Matter? State Stable Token vs. Private Issuers 31:38 What Is Stand With Crypto and How Can You Get Involved in Crypto Advocacy? 36:39 What Will Stablecoins Look Like in Five Years? Cross-Border Payments and Digital Car Titles Learn more about the National Cryptocurrency Association (NCA):Website: https://nca.org X: @natcryptoassoc Instagram: @natcryptoassoc TikTok: @natcryptoassoc LinkedIn: National Cryptocurrency Association Facebook: National Cryptocurrency Association Disclaimer: This content is for educational purposes only and does not constitute financial, legal, or tax advice.