Technology

SB 560, the Financial Accountability Stable Token Act (FAST Act), allows West Virginia to use stable digital tokens fully backed by U.S. dollars for payments to state vendors and contractors. The State Treasurer will maintain a list of approved tokens meeting strict criteria (e.g., 1:1 U.S. dollar backing, quarterly audits, and U.S. regulatory compliance) and may authorize them without further legislative action. Vendors and contractors can choose to accept these tokens voluntarily but cannot be required to do so, and such payments will satisfy the state’s financial obligations. The Treasurer must also submit annual reports to the Legislature detailing token usage, cost savings, and risk assessments.