Episode #450: 102% Backed and 100% Transparent: Inside the Wyoming Stable Token

On this episode of Crazy Wisdom, I’m joined by David Pope, Commissioner on the Wyoming Stable Token Commission, and Executive Director Anthony Apollo, for a wide-ranging conversation that explores the bold, nuanced effort behind Wyoming’s first-of-its-kind state-issued stable token. I’m your host Stewart Alsop, and what unfolds in this dialogue is both a technical unpacking and philosophical meditation on trust, financial sovereignty, and what it means for a government to anchor itself in transparent, programmable value. We move through Anthony’s path from Wall Street to Web3, the infrastructure and intention behind tokenizing real-world assets, and how the U.S. dollar’s future could be shaped by state-level innovation. If you're curious to follow along with their work, everything from blockchain selection criteria to commission recordings can be found at stabletoken.wyo.gov.

Check out this GPT we trained on the conversation!

Timestamps

00:00 – David Pope and Anthony Apollo introduce themselves, clarifying they speak personally, not for the Commission. You, Stewart, set an open tone, inviting curiosity and exploration.

05:00 – Anthony shares his path from traditional finance to Ethereum and government, driven by frustration with legacy banking inefficiencies.

10:00 – Tokenized bonds enter the conversation via the Spencer Dinwiddie project. Pope explains early challenges with defining “real-world assets.”

15:00 – Legal limits of token ownership vs. asset title are unpacked. You question whether anything “real” has been tokenized yet.

20:00 – Focus shifts to the Wyoming Stable Token: its constitutional roots and blockchain as a tool for fiat-backed stability without inflation.

25:00 – Comparison with CBDCs: Apollo explains why Wyoming’s token is transparent, non-programmatic, and privacy-focused.

30:00 – Legislative framework: the 102% backing rule, public audits, and how rulemaking differs from law. You explore flexibility and trust.

35:00 – Global positioning: how Wyoming stands apart from other states and nations in crypto policy. You highlight U.S. federalism’s role.

40:00 – Topics shift to velocity, peer-to-peer finance, and risk. You connect this to Urbit and decentralized systems.

45:00 – Apollo unpacks the stable token’s role in reinforcing dollar hegemony, even as BRICS move away from it.

50:00 – Wyoming’s transparency and governance as financial infrastructure. You reflect on meme coins and state legitimacy.

55:00 – Discussion of Bitcoin reserves, legislative outcomes, and what’s ahead. The conversation ends with vision and clarity.

Key Insights

1. Wyoming is pioneering a new model for state-level financial infrastructure. Through the creation of the Wyoming Stable Token Commission, the state is developing a fully-backed, transparent stable token that aims to function as a public utility. Unlike privately issued stablecoins, this one is mandated by law to be 102% backed by U.S. dollars and short-term treasuries, ensuring high trust and reducing systemic risk.
2. The stable token is not just a tech innovation—it’s a philosophical statement about trust. As David Pope emphasized, the transparency and auditability of blockchain-based financial instruments allow for a shift toward self-auditing systems, where trust isn’t assumed but proven. In contrast to the opaque operations of legacy banking systems, the stable token is designed