Creating the “Financial Accountability Stable Token Act,” for financing and state payments

HB 5461 creates the "Financial Accountability Stable Token Act" (FAST Act), authorizing West Virginia to use U.S.-dollar-backed stable tokens for payments to state vendors and contractors. The bill establishes strict requirements for qualifying tokens, including 1:1 U.S. dollar backing, U.S. corporate control, quarterly audits, and public reserve reports, all overseen by the State Treasurer. Participation by vendors and contractors is voluntary - no one can be forced to accept token payments - and the state will maintain a public list of approved tokens. The law also mandates annual reporting on transaction volumes, cost savings, and risk assessments to ensure fiscal safety.