Name: Wyoming makes first state-issued stablecoin available to the public: CNBC Crypto World
Uploaded: 2026-01-07T20:12:15+00:00
Duration: 721 s

Speakers

Nikil Viswanathan — CEO, Alchemy

Talia Kaplan — Host, CNBC Crypto World

Summary

CNBC Crypto World covers a lower crypto market, Wyoming's launch of the first state-issued U.S. stablecoin, and Morgan Stanley's spot Ethereum ETF filing. Host Talia Kaplan interviews Alchemy CEO Nikil Viswanathan, who argues stablecoins will strengthen U.S. dollar dominance, consolidate around one or two large tokens, and attract more institutional participation as regulatory risk falls. He also expects a U.S. crypto market-structure bill to pass.

Major cryptocurrencies traded lower, with bitcoin near $91,000 and XRP down after Ripple's IPO comments.
Wyoming launched the Frontier Stable Token, the first state-issued U.S. stablecoin, with Franklin Templeton managing reserves.
Morgan Stanley filed for a spot Ethereum ETF and has recently made other crypto ETF filings.
Barclays invested in stablecoin settlement company UBYX, citing regulatory clarity and tokenized-money adoption.
Alchemy CEO Nikil Viswanathan said Wyoming's launch is a bullish signal for U.S. crypto competitiveness.
He expects stablecoin experiments to proliferate before consolidating around USDC and Tether.
He sees stablecoins as a tool for exporting U.S. dollar dominance and increasing Treasury-bill demand.
He expects institutional crypto adoption to rise and a U.S. crypto market-structure bill to pass.

Ideas

Nikil Viswanathan CEO, Alchemy 3:09

Bullish US as crypto/AI superpower

Wyoming's launch and the pro-crypto policy shift are a major bull signal for the United States as a global superpower. He argues the U.S. must keep the cryptocurrency and AI industries onshore, reversing a restrictive Biden-era regulatory regime that put U.S. economic dominance at risk, and sees Wyoming's token as a first step.

Nikil Viswanathan CEO, Alchemy 4:09

USDC and Tether win consolidation

He expects many state, country, and app-specific stablecoin experiments, but believes the market will eventually coalesce around one or two large stablecoins such as USDC and Tether. As crypto becomes mainstream, users will not care which stablecoin is used, favoring the largest incumbents.

Nikil Viswanathan CEO, Alchemy 5:54

JP Morgan leads bank deposit tokens

The regulatory risk/reward for big banks has flipped, allowing JPMorgan to pursue crypto revenue without risking its core business. Its Alchemy-supported deposit token can move money instantly between entities and countries instead of slow, costly SWIFT/correspondent banking, positioning JPMorgan at the forefront of institutional tokenized money.

Nikil Viswanathan CEO, Alchemy 6:35

Coinbase high staking fees drive upside

With regulatory risk/reward flipped, Coinbase is a highly profitable crypto-native firm; it earns about 3% on staking rewards while large banks like JPMorgan and Fidelity earn only tens of basis points on products, making Coinbase's economics mouthwatering as institutions enter crypto.

Nikil Viswanathan CEO, Alchemy 7:16

Stablecoins export US dollar dominance

Stablecoins are the best expression of U.S. dollar dominance because they export dollars to people in countries with capital controls and hyperinflation. He notes stablecoin usage is about $300 billion, making the sector the 12th-largest holder of U.S. Treasury bills, more than India, Russia, or Saudi Arabia, and regulatory clarity is supporting growth.

Nikil Viswanathan CEO, Alchemy 10:24

Crypto market structure bill will pass

He says he would bet on Polymarket that a U.S. crypto market-structure bill becomes law, arguing clear rules are necessary to remove legal limbo for startups and institutions and are mandatory for the U.S. to stay competitive in crypto.

Wyoming makes first state-issued stablecoin available to the public: CNBC Crypto World

Summary

Ideas

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