| Issuer |
U.S. Federal Reserve |
Private companies (e.g., Circle, Tether) |
State of Wyoming (via Commission & chartered banks) |
| Backing |
Full faith & credit of U.S. |
1:1 asset-backed (cash or Treasuries) |
100% fiat reserves held in trust by Wyoming |
| Digital Transfer Speed |
Slow (ACH: 1–3 days) |
Fast (seconds to minutes, 24/7) |
Fast (near-instant on approved blockchains) |
| Cross-Border Use |
Restricted by bank policies |
Global, borderless |
Compliant within U.S. law, exportability TBD |
| Programmable |
No |
Yes (smart contract compatible) |
Yes (via approved blockchains, smart contracts) |
| Volatility |
Stable |
Generally stable (peg maintained by issuers) |
Designed to be 1:1 with USD |
| Regulatory Framework |
Federal Reserve, FDIC |
Varies by issuer and jurisdiction |
Enshrined in Wyoming law |
| Transparency of Reserves |
Centralized banking system |
Varies — some issuers publish attestation reports |
Full state-level transparency and audits |
| Use Cases |
Consumer spending, savings |
Treasury management, remittances, DeFi |
Payments, savings, public sector innovation |
| Settlement Finality |
Batch-processed, can be reversed |
Final on-chain (depends on blockchain used) |
Final on-chain via Wyoming-approved chains |