Wyo. Code R. 091-0003-2
Effective Date: 07/31/2025 to Current
Rule Type: Current Rules & Regulations
Reference Number: 091.0003.2.07312025
(a) These rules are adopted to implement the Commission's authority granted by W.S. 40-31-103(a), W.S. 40-31-104, W.S. 40-31-105(b), and W.S. 40-31-105(c).
(a) The Commission is authorized to Issue Wyoming Stable Tokens, pursuant to W.S. 40-31-105(c)(i), and providing for matters related to the Issuance of WYST; including the types of WYST to be Issued; the supply characteristics for each type; the means used to Issue, maintain, and manage WYST; and the manner of and requirements for Redemption to Issue WYST.
(i) For the avoidance of doubt:
(A) 'Types of WYST' means the version of WYST natively deployed on a blockchain or distributed ledger; and
(B) 'Supply characteristics' means the features that may impact the number of WYST in Circulation, inclusive of the ability for the Commission, from time to time, to distribute supplemental WYST to existing Token Holders based on their amount of holdings or otherwise.
(b) To become a Licensed Service Provider, the proposed entity shall undergo a comprehensive onboarding review as prescribed by the Director or Commission Staff. The review shall include, but is not limited to the Licensed Service Provider's compliance, privacy, cybersecurity, customer service, financial solvency, financial programs, and internal controls. If approved, the Commission Staff may enter into an agreement with the Licensed Service Provider.
(c) With the exception of Chapter 4, Section 3, the Commission shall not onboard Token Holders (other than Licensed Service Providers or other recipients as authorized by the Commission) for the limited purpose of Redeeming WYST directly from the Commission.
(a) A Licensed Service Provider may make Issuance Requests to the Commission, or other representative(s) authorized by the Commission, at any time.
(b) The Licensed Service Provider shall receive one (1) WYST for every one (1) United States Dollar (USD $1.00) submitted to and received by the Commission, Financial Institution(s), or other representative(s) authorized by the Commission.
(c) A Licensed Service Provider shall purchase WYST by providing payment in United States Dollars to the Commission, Financial Institution(s), or other representative(s)
authorized by the Commission, and, in turn, the Commission, or other representative(s) authorized by the Commission, shall provide the requested amount of WYST as prescribed in W.S. 40-31-104.
(d) Upon receipt of payment and satisfaction of a compliance review of the transaction, if the Issuance Request from the Licensed Service Provider was made within a Business Day, the Commission, or other representative authorized by the Commission, shall Issue the requested number of WYST to the Licensed Service Provider promptly, but in no event, no more than two (2) Business Day(s) after receipt of payment.
(e) If the Licensed Service Provider makes the Issuance Request outside of a Business Day, the Commission shall treat the Issuance Request to have occurred the next Business Day.
(f) The Licensed Service Provider shall provide the Token Holder with access to the WYST terms and conditions, and shall include language in its own terms and conditions specifying that the Licensed Service Provider's customers:
(i) Comply with federal, Wyoming, State, and local laws and regulations, as applicable;
(ii) Acknowledge that WYST, in any capacity, is not backed by the full faith and credit of the state of Wyoming, in accordance with W.S. 40-31-109(a);
(iii) Acknowledge that WYST is not considered or held to be general obligation of the state of Wyoming, but shall constitute a special obligation of the state, limited in total to the sum of the Trust Account(s); and
(iv) Acknowledge that WYST is not guaranteed by the U.S. government and is not subject to deposit or share insurance by the Federal Deposit Insurance Corporation, Securities Investor Protection Corporation, or National Credit Union Administration.
(g) All WYST Issued by the Commission, or on behalf of the Commission, shall only be issued on blockchain(s) or other distributed ledger(s) approved by the Commission. WYST migrated, bridged, transferred, or otherwise moved to blockchains or other distributed ledgers not approved by the Commission, or any WYST-derived products, including wrapped tokens that are issued by a third-party not authorized by the Commission, shall not be considered WYST and not be subject to these rules.
(h) No new WYST shall be Issued in the event that:
(i) The notional value of one (1) WYST, as accounted for by the Commission, is less than one United States Dollar (USD $1.00); or
(ii) Such issuance will cause the notional value of WYST to decrease below one United States Dollar (USD $1.00).