Committee Summary for Commission to Study Stable Tokens (04/06/2026)

Bill/Time	Type	Title	Sponsor
Unclear	General Working Session	Unclear

Unclear: Information Only 00:00:13.203; Called the meeting to order at 10:04 AM, introduced himself as chair in his fifth term, and facilitated introductions around the room and online.
Unclear: Information Only 00:00:13.203; Visitor to the commission, planning to present on May 6th, background in financial services and economics with PhD from Stanford and experience at IMF.
Unclear: Information Only 00:01:29.796; Deputy Commissioner of Banking, designee for Banking Commissioner.
Unclear: Information Only 00:01:29.796; With the New Hampshire Bankers Association.
Unclear: Information Only 00:01:29.796; With the New Hampshire Bankers Association.
Unclear: Information Only 00:01:29.796; Member of the public with finance background, Stanford MBA and PhD.
Unclear: Information Only 00:01:29.796; Visitor from the State Treasury.
Unclear: Information Only 00:01:29.796; State Representative.
Unclear: Information Only 00:01:59.396; Senator representing District 15 (Concord, Bow, Hopkinton).
Unclear: Information Only 00:01:59.396; Academic appointee for the Commission on the Study of Stable Tokens.
Unclear: Information Only 00:01:59.396; Senior Assistant Attorney General, Chief of Consumer Protection Bureau, AG's designee.
Unclear: Information Only 00:01:59.396; From Peoples Bank, banking industry representative.
Unclear: Information Only 00:01:59.396; Staff attorney at NH Bureau of Securities Regulation, Secretary of State's designee.
Unclear: Information Only 00:03:08.739; Lobbyist with Danehike Boulay.
Unclear: Information Only 00:03:08.739; Member of NH Blockchain Council Board, works for UNH InterOperability Lab.
Unclear: Information Only 00:03:08.739; At UNH InterOperability Lab.
Unclear: Information Only 00:03:08.739; Technologist and founder in blockchain space.
Unclear: Information Only 00:03:08.739; Head of policy at crypto.com.
Unclear: Information Only 00:03:08.739; Introduction not fully detailed, present online.
Unclear: Information Only 00:03:08.739; Approved agenda and March 10 meeting minutes by voice vote.
Unclear: Information Only 00:05:06.420; Introduced guests from Layer Zero and Chainlink, noted postponement of SoFi presentation, described their roles in blockchain ecosystem.
Unclear: Information Only 00:06:18.936; Head of Tokenization and Alliances at Chainlink. Presented on Chainlink's history since 2017, CCIP launch in 2023, policy work, enabling $29 trillion in economic activity, role as oracle network bridging off-chain and on-chain data, standards for data, interoperability, compliance, privacy. Discussed partnerships with SWIFT, UBS, Mastercard; focus on stablecoins, proof of reserves, SecureMint, Automated Compliance Engine, Confidential Compute. Highlighted market leadership with 2,600 integrations.
Unclear: Information Only 00:06:18.936; Head of US Public Sector Sales at Chainlink, assisted in presentation.
Unclear: Information Only 00:38:59.680; Questioned on oracles, liability, corporate structure vs. DAOs, and open-source code percentage.
Unclear: Information Only 00:38:59.680; Explained fault-tolerant decentralized oracle networks, deferred liability questions to legal team, committed to follow-up.
Unclear: Information Only 00:43:52.020; Noted NH legal personhood for DAOs and upcoming UNH hackathon.
Unclear: Information Only 00:43:52.020; Asked if Chainlink's code is open source.
Unclear: Information Only 00:43:52.020; Confirmed majority is open source, committed to follow-up.
Unclear: Information Only 00:45:08.143; Praised presentation, asked about work with tokenized deposits and proof of reserves.
Unclear: Information Only 00:45:08.143; Confirmed work on tokenized deposits, explained proof of reserves origins from stablecoin issues, emphasized integration into banking ecosystem.
Unclear: Information Only 00:48:28.452; Asked about ongoing costs for state using Chainlink services.
Unclear: Information Only 00:48:28.452; Described flexible models: handover technology, subscription for products, or customized integration; noted cost savings vs. traditional audits.
Unclear: Information Only 00:50:51.840; Asked about implementing proof of reserves for different asset buckets like cash.
Unclear: Information Only 00:50:51.840; Explained interfacing with issuers, custodians, fund accountants; source of truth varies, integrates with traditional systems.
Unclear: Information Only 00:52:51.133; Thanked Chainlink, committed to follow-ups.
Unclear: Information Only 00:53:45.900; Chief Business Officer at Layer Zero Labs. Introduced team, background from Google. Presented on Layer Zero's interoperability protocol, connecting 170+ blockchains, $250B value transferred, 80% market share. Discussed evolution from bridging to general message passing, security via DVNs, products like Console and Value Transfer API. Detailed Wyoming stablecoin project: compliance, interoperability, distribution. Introduced Zero blockchain: high performance (2M TPS), cost-efficient, compatible with any VM, focused on capital markets.
Unclear: Information Only 00:54:35.633; Customer Success Lead at Layer Zero. Detailed Wyoming Frontier token: live on multiple chains, ERC20F and OFT standards for compliance and interoperability, DVN verification by Wyoming, transaction example, build/launch process, post-deployment support. Highlighted applicability to New Hampshire stablecoin.
Unclear: Information Only 01:34:23.670; Simon continues his presentation on blockchain architecture, explaining Layer 2 solutions owned by the underlying layer unlike centralized ones like Optimism. He describes a decentralized validator set using ZK proofs for scalability, with zones for general purpose, trading, and payments. He discusses achieving NYSE-level throughput at low costs due to Moore's law, breaking scalability barriers. Simon mentions releasing open-source technologies like QMDB, adopted by others, and the challenges of upgrading legacy blockchains. He highlights partnerships with Citadel Securities, Intercontinental Exchange, NYSE, DTCC, Tether, Google, ARK, and Nexon, validating the technology's importance for capital markets on chain. He notes Xero's orthogonality to interoperability but integration potential, and offers collaboration with New Hampshire on stablecoin issuance across blockchains.
Unclear: Information Only 01:42:36.850; Keith asks about thoughts on an interstate compact between states on stablecoins, including governance with sovereign states maintaining sovereignty, referencing Wyoming's focus. He hypothesizes a shared reserve layer for multiple stablecoins to enable interoperability and liquidity without isolation, ensuring states like New Hampshire capture public benefits locally. He inquires about state approval mechanisms for transactions while maintaining interoperability with Wyoming's pool.
Unclear: Information Only 01:45:01.521; Anthony Apollo briefly notes that transaction verification is automated, not manual button-pushing.
Unclear: Information Only 01:45:01.521; Simon explains Wyoming's verification as signing cross-chain transactions via smart contracts. For New Hampshire, a similar compliance mechanism could be implemented for its stablecoin. He discusses making stablecoins interoperable via liquidity pools or a shared reserve layer like Bridge's open issuance model, enabling one-to-one redeemability. He suggests exploring a state global liquidity layer with shared reserves but individual stablecoins, and consortium governance as an interesting experiment.
Unclear: Information Only 01:48:14.181; Mark comments on working with build and scale partners on geofencing incentives or grants to ensure they stay within New Hampshire borders and are not spent out-of-state.
Unclear: Information Only 01:49:16.701; Jim asks about converting stablecoins to fiat, envisioning partnerships with TradFi or banks, and inquires about Layer Zero's vision or plans for such integration.
Unclear: Information Only 01:49:16.701; Simon states that fiat on/off-ramping is a design and partner choice, not provided by Layer Zero, but can be facilitated via partners like Franklin Templeton. He mentions upcoming products for fiat to on-chain flows powered by partners.
Unclear: Information Only 01:51:30.158; Representative Edmund questions the Wyoming Stable Token's partnership with a Vancouver-based company, raising concerns about lock-in with non-US or non-state entities and whether domicile was considered in procurement.
Unclear: Information Only 01:52:29.244; Anthony describes Wyoming's robust procurement process prioritizing capabilities and domicile, awarding points to Wyoming-based entities, but noting global distribution of tech development. Layer Zero won the RFP for token issuance after rounds of evaluation. Wyoming owns key technology like smart contracts for interoperability, avoiding lock-in.
Unclear: Information Only 01:53:38.737; Simon challenges the lock-in notion, emphasizing anti-vendor lock-in design. Layer Zero's protocol is decentralized and global like a blockchain, with no specific jurisdiction. Wyoming integrated at the protocol level and contracted services from Canada, but with no lock-in; they can switch providers easily.
Unclear: Information Only 01:54:29.197; Anthony adds that Wyoming required ownership of technology pieces like key management and smart contracts in procurement, now controlling them despite initial deployment by Layer Zero.
Unclear: Information Only 01:55:30.517; Professor Hornberg notes New Hampshire's DAO statute allows organizations to domicile locally, reducing liability gaps like those in global networks such as Solana. This could justify awarding points to New Hampshire-based contractors for reinvestment and better recourse.
Unclear: Information Only 01:56:32.837; Jeff plugs an upcoming idea-a-thon/hack-a-thon on May 18-19 at UNH with the Secretary of State, focused on the registry implementation, offering registration info.
Unclear: Information Only 01:57:42.544; The committee discusses scheduling next meetings on May 4th at 10 AM and May 13th at 2-5 PM, including presentations from Bainage Bank, Link Network, Vantage, and possibly Karen on macro perspectives. They consider summer schedules, remote options, closing the record post-May, and preparing the November report with asynchronous work. Concerns include national events like the Clarity Act, filing deadlines in September and November, and placeholders for bills. They plan deliberations via meetings and shared documents, with public iterations and commission voting on the final report.