How a Wyoming County Spent $70K in Card Fees Collecting Taxes and Why Stablecoins Fix It

How the token works

The first issuance under the WYOMINGSTABLETOKEN program is the FRONTIERSTABLETOKEN, or FRONT token, which is the one now in circulation. Anthony Apollo says reserves go into US Treasury securities with 365 days or less of maturity and repurchase agreements with 30 days or less. Revenue is meant to be swept each quarter into the state school foundation program, which he calls "a public goods project for the state."

Outside the GENIUS Act

Anthony Apollo says that in his opinion the WYOMINGSTABLETOKEN is not subject to the GENIUS Act, because the law's list of permitted issuers covers banks, trusts, fintechs and other business entities but not sovereign issuers. He also warned against adding cash equivalency or yield-bearing features, saying the token could start to look like a currency, which states cannot issue, or like debt.

The cost of collecting taxes

Anthony Apollo cited testimony from the Converse County treasurer: the county collected $3,400,000 in tax remittances in 2024, and its residents paid $70,000 in credit card processing fees. Apollo says the stable token infrastructure built so far can get those fees down to fractions of a penny.

Issuing for other states

After a recent amendment, the Wyoming Stable Token Commission has explicit authority to coordinate issuance on behalf of other states. Anthony Apollo says he has spoken with 20 states and four territories, and he expects states to sign up to Wyoming's infrastructure over the rest of 2026. Other states can copy Wyoming's public work or hire the commission to issue for them, he says, but Wyoming will not manage their tokens. They would need their own wallet infrastructure and staff trained in digital asset management.

Elsewhere, the Bank of North Dakota is putting out the ROUGHRIDERCOIN with Fiserv. It is built for settlement between banks inside North Dakota, not for public or retail use.

CLARITY Act moves

While the show was live, the CLARITY Act advanced out of the Senate Banking Committee 15-9, with two Democrats voting in favor. Anthony Apollo expects it to pass a Republican-controlled Senate. He noted that the Senate version includes an ancillary asset test that he does not think is in the House bill, so the two versions will need to be reconciled. Host Drew Rogers said he is hearing of a desire to have the president sign it on July 4.