Overview

Wyoming has rolled out its Frontier Stable Token (FRNT), the nation’s first fully-reserved stablecoin issued by a public entity. This token is expected to facilitate a modern, secure way for residents and businesses to engage in digital transactions. The initial availability will be on the Solana network via Kraken and Rain on Avalanche.

Key Details

• The Frontier Stable Token is 2% over-collateralized, backed by U.S. dollars and short-term treasuries, and has already been deployed on networks including Arbitrum, Avalanche, Ethereum, Optimism, Polygon, and Solana.
• This launch comes alongside the new federal guidelines regulating stablecoins under the GENIUS Act.

Quotes

“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,” said Mark Gordon, Wyoming Governor and Chairman of the Wyoming Stable Token Commission.

Additional Information

A dedicated commission was established to oversee this initiative, emphasizing Wyoming’s commitment to innovative blockchain legislation. With stablecoins projected to expand into a significant market, the state aims to lead this financial evolution.