Michigan State Proposes Crypto Investment Fund, XEM Issuing Stablecoins...

Here is the English translation: The state of Michigan has just proposed a bill to allow the state government to invest in Crypto, while also considering the issuance of a gold and silver-backed stablecoin called MichCoin. The state of Michigan has proposed the establishment of a Crypto investment fund and the consideration of issuing the MichCoin stablecoin. On 13/02, two Michigan state representatives Bryan Posthumus and Ron Robinson submitted House Bill 4087 (HB 4087) to the state legislature. If passed, HB 4087 will officially allow the Michigan state government to invest in Cryptocurrencies, making this state one of the pioneers in applying Crypto to its financial strategy. According to the bill, the Michigan State Treasurer will be allowed to invest up to 10% of the general fund and the economic stabilization fund into Cryptocurrencies. In addition to buying and holding Crypto, the HB 4087 bill also has a provision allowing Michigan to lend out Cryptocurrencies. If the lending does not increase financial risk, the state government will be allowed to lend the Crypto it owns to other organizations to generate additional revenue for the state budget. Another important point is that Michigan will not invest in Crypto indirectly, but must directly hold these assets through: - Secure custody solutions - ETPs from registered investment companies Previously, Michigan had also invested in Bit and ETH through ETFs, with a total value of $6.6 million in the Bit ETF and $10 million in the ETH ETF. Sharing on social media X, Bryan Posthumus said: "Michigan can and should join Texas in leading on Crypto policy by signing into law my bill creating the Michigan Crypto Strategic Reserve." Currently, 20 US states are considering or proposing bills to invest and hold Bit and Crypto, such as Oklahoma, Pennsylvania, Ohio, and most recently North Carolina. Among them, Utah is currently the leading state in the race to become the first US state to own a Bit reserve fund. Notably, this interest is growing rapidly after Donald Trump took office as US President in 01/2025, especially as the federal government is also considering establishing a national Bit reserve. In addition to investing in Crypto, Bryan Posthumus also suggested the possibility of Michigan issuing its own stablecoin called "MichCoin". According to him, MichCoin will be a stablecoin backed by Michigan's gold and silver reserves, helping to ensure its value and create a widely used financial instrument in the state's economy.