The Wyoming stablecoin has finally launched after months of preparation to issue the first stablecoin by a U.S. public entity. The stablecoin debuts on seven networks, including Solana and Ethereum, but isn’t yet tradeable.
Wyoming Stablecoin Launches, Becoming First State-Issued Stablecoin
In a press release, the Wyoming Stable Token Commission announced the mainnet launch of the Frontier Stable Token (FRNT). The commission noted that this makes the U.S. state the first public entity in the country to issue a stablecoin.
The commission further revealed that the Wyoming stablecoin will be fully backed by U.S. dollars and short-duration treasuries, in line with the provisions of the GENIUS Act. The state’s legislature has also mandated a remit to achieve 2% overcollateralization of the FRNT stablecoin.
In partnership with LayerZero, a token issuance partner, the Wyoming stablecoin has launched on seven blockchains through a “robust candidacy process.” As CoinGape earlier reported, Aptos and Solana had earlier emerged as the preferred networks for the stablecoin launch.
However, the commission eventually chose Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, and Solana as the seven blockchains for launch. It is unknown if there are plans to launch on other networks in the future.
Meanwhile, it is worth mentioning that the Wyoming stablecoin isn’t yet tradeable. In an X post, Journalist Eleanor Terrett revealed that due to lingering regulatory hurdles, the token is not yet available to the public.
How Investors Will Be Able To Access The Stablecoin
According to the release, the Wyoming stablecoin will be available for purchase on the Solana network through the state’s domiciled crypto exchange Kraken in the coming days. Investors can also purchase it through Rain’s Visa-integrated card platform on the Avalanche network.
Commenting on the launch of the FRNT stablecoin, Wyoming’s Governor Mark Gordon, who also serves as Chairman of the Commission, noted that his state has been the leading state on blockchain, cryptocurrency, and digital asset regulation, having passed over 45 pieces of legislation since 2016.
Notably, the state is home to Kraken, which moved its headquarters to the state earlier this year. As CoinGape also reported, Uniswap plans to establish a DUNI Legal Entity in Wyoming.
Meanwhile, Gordon further remarked that the Wyoming stablecoin launch reaffirms their commitment to financial innovation and consumer protection. He added that the mainnet launch of the FRNT stablecoin will empower their citizens and businesses with a “modern, efficient, and secure means of transacting in the digital age.”
Boluwatife Adeyemi
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Source: https://coingape.com/wyoming-rolls-out-first-state-issued-stablecoin-debuts-on-solana-and-ethereum/