Hassan Maishera
TL;DR
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Wyoming has become the first state in the U.S. to launch its dollar-backed stablecoin.
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The Frontier Stable Token (FRNT) will be available for the broader public in the coming days across seven blockchains.
FRNT Becomes the First Stablecoin Launched By a Public Entity
Wyoming state announced on Tuesday that it has launched its U.S. dollar stablecoin Frontier Stable Token (FRNT), claiming it to be the first fully-reserved stablecoin in the country issued by a public entity.
In its press release, Wyoming state added that the FRNT stablecoin is designed to provide secure, transparent, and efficient digital transactions for individuals, businesses, and institutions worldwide.
Mark Gordon, governor of Wyoming and chairman of the Wyoming Stable Token Commission, stated that,
"The mainnet launch of the Frontier Stable Token will empower our citizens and businesses with a modern, efficient, and secure means of transacting in the digital age."
The token has already been deployed across various blockchains, including Avalanche, Arbitrum, Base, Ethereum, Solana, Optimism, and Polygon. The stablecoin is designed to be 2% over-collateralized, backed by U.S. dollars and short-duration U.S. treasuries held in trust.
According to the officials, FRNT will be available to the general public in the coming days on Solana through Wyoming-domiciled exchange Kraken and Rain’s Visa-integrated card platform on the Avalanche blockchain.
This latest development comes shortly after the United States passed the GENIUS Act to regulate the fast-growing stablecoin sector and issuers.
While Tether (USDT) and Circle (USDC) remain the leading stablecoins, several stablecoins have sprung up in recent months, including Ripple’s RLUSD. The $260 billion is predicted to hit a trillion dollars in the next few years, with analysts expecting stablecoins to disrupt payment flows as adoption in the real economy expands.
The Wyoming Stable Token Commission, created in 2023 to develop and issue a U.S. dollar-backed token and oversee its integration into public finances, partnered with LayerZero for token issuance, Fireblocks for blockchain infrastructure, Franklin Advisers for reserves management, Inca Digital for open-source intelligence, and The Network Firm for audits and monthly attestations.
