Cryptocurrency journalist Eleanor Terrett has announced that Wyoming has become the first US state to issue its own stablecoin by officially launching the Frontier Stable Token (FRNT).
Wyoming has launched its Frontier Stable Token (FRNT), backed by US dollars and short-term Treasury bonds, on seven blockchains, according to Terrett.
FRNT, issued in partnership with LayerZero, is active on 7 blockchains including Ethereum, Solana, Arbitrum, Avalanche, Polygon, Optimism and Base.
However, it is not available to the public due to regulatory hurdles.
The Wyoming Stable Token Commission said the FRNT stablecoin is a fully collateralized digital token with a legally mandated 102% reserve requirement.
The Commission and LayerZero describe FRNT as a “constitutionally protected public asset” that, unlike many alternatives, is not subject to “arbitrary use restrictions.”
The commission also stated that interest earned from FRNT reserves would be directed quarterly to the Wyoming School Trust Fund and serve the public good of its citizens.
Those responsible for promoting FRNT say the token will be unique because it is not regulated under the GENIUS Act. They note that the stablecoin law passed last month does not apply to FRNT because it is a Wyoming sovereign, not a business.
Wyoming Governor Mark Gordon said:
“For years, Wyoming has been a leading state in blockchain, cryptocurrency, and digital asset regulation, passing more than 45 bills since 2016.
The mainnet launch of Frontier Stable Token will provide our citizens and businesses with a modern, efficient and secure way to transact in the digital age.”
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/a-us-state-breaks-ground-ethereum-avalanche-and-five-altcoins-selected-for-its-first-of-its-kind-stablecoin/