Wyoming has launched a state-issued stablecoin, saying the token will enable digital transactions that are secure, transparent and efficient.
The Frontier Stable Token (FRNT) will be fully backed by U.S.dollars and short-duration Treasurys, overcollateralized by 2%, and capable of providing instant transaction settlement, reduced fees and enhanced accessibility, the Wyoming Stable Token Commission said in a Tuesday (Aug. 19) press release.
FRNT will be launched on seven blockchains: Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon and Solana, according to the release.Wyoming Gov. Mark Gordon said in the release that the launch of FRNT came after the state passed more than 45 pieces of legislation related to blockchain, cryptocurrency and digital assets as 2016.
“Today, Wyoming reaffirms its commitment to financial innovation and consumer protection,” Gordon said in the release. “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.”