Wyoming Unveils FRNT, First State-Backed US Stablecoin

Wyoming on Tuesday introduced the Frontier Stable Token, or FRNT, becoming the first U.S. state to issue its own dollar-linked digital currency. The token is fully backed by cash and short-term U.S. Treasuries and carries an additional 2% reserve cushion, according to the state’s Stable Token Commission.

FRNT launched simultaneously on seven networks—Ethereum, Solana, Avalanche, Polygon, Arbitrum, Optimism and Base—using LayerZero’s Omnichain Fungible Token standard, allowing it to move seamlessly across the supported blockchains. Public trading has not begun while the state completes pending federal regulatory reviews.

Wyoming officials said interest earned on the reserves will flow each quarter to the state’s School Foundation Fund, distinguishing the program from privately issued stablecoins that channel yields to corporate treasuries. The commission described FRNT as a constitutionally protected public asset rather than a central-bank digital currency, asserting it will not be subject to discretionary transaction restrictions.

This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.