Taiwan–US exchange: legislative leaders from three states visit Taiwan to discuss blockchain and digital transformation

On 26 August, working through the Ministry of Foreign Affairs, the Taiwan Blockchain Enthusiasts Association — together with Tsai Yu-ling, honorary chair of the Fintech Association of Taiwan, and blockchain companies including XREX and BSOS — received the lieutenant governors, house speakers, and senate presidents of Idaho, Wyoming, and Alaska at N24 Taipei ARK. The discussion centred on blockchain policy, stablecoin development, and the state of the ecosystem, exploring new possibilities for Taiwan–US cooperation in the digital economy. Wyoming state senator and appropriations committee chair Tara Nethercott said her state depends on traditional energy such as oil and natural gas and now faces the challenge of economic transition, needing new industries and openings for innovation to sustain its development. Seven years ago Wyoming therefore established a blockchain technology committee to advance the technology and its uses. Blockchain leads an economic transition: Wyoming's stablecoin plan Tara Nethercott said the state plans to issue a US dollar-backed stablecoin, the Wyoming State Token (WST), in the first quarter of 2025, in the hope of enabling faster and more cost-effective transactions while creating a new source of revenue. The plan follows the Wyoming Stable Token Act, passed in March 2023, which established the legal basis for issuance. WST is a digital asset pegged 1:1 to the US dollar. Every token issued is backed by an equivalent value in dollars, ensuring its stability. The WST commission has an initial budget of US$5.8 million, and interest income from the underlying securities will fund public services in the state, such as Wyoming's school foundation programme. Under the Wyoming Stable Token Act, WST must be collateralised by cash, Treasury securities, and reverse repurchase agreements. The act also provides that Treasury securities may have a maturity of no more than 365 days and reverse repos a term of no more than thirty days. The act further establishes a stable token trust account, but the account creates no fiduciary duty to token holders, and the state is not liable for potential losses — effectively limiting the government's exposure and setting clear boundaries for WST. Wyoming governor Mark Gordon has said digital assets are the future, and the state is actively pursuing economic transition through this programme. WST will not only be used within Wyoming but is expected to spread across the United States as part of the country's digital payment system. Wyoming is currently seeking partners, including exchanges and wallet providers, to help with issuance. First in the nation: legislating for blockchain innovation Wyoming has led the United States in passing other blockchain legislation and decisions that support both traditional finance and emerging industries, including special purpose depository institutions (SPDIs) and a DAO act. Special purpose depository institutions were created to provide banking services for digital assets and cryptocurrency and to bring them into the traditional financial system as collateral. The state also passed a decentralised autonomous organisation act, becoming the first in the country to give DAOs legal form, with the same standing as a limited liability company. A DAO is an organisation that runs on blockchain; rather than the centralised management of a traditional company, decisions are made jointly by its members. The act recognises the DAO in law as a formal corporate structure, with legal protection and defined liability. A new opening in the digital age, and the prospect of Taiwan–US cooperation Senator Driskill noted that this legislation helps traditional industries adapt to emerging ones and encourages cooperation and economic transition; while traditional industries have reasonable concerns about new technology, it is also worth considering whether those concerns crowd out the chance for startups to take root. Wyoming's digital transformation plan offers an opening for global markets and innovators. Beyond the stablecoin, the state intends to use blockchain to tokenise other assets such as gold, oil, and real estate, and to become a significant participant in the global blockchain economy. Senator Tara Nethercott invited innovators to start businesses in Wyoming, emphasising the state's openness to cross-border cooperation and its hope for more international partnerships to drive growth. At N24 Taipei ARK, Tara Nethercott closed by saying: "We sincerely invite you to found your companies in Wyoming, because you are welcome here."