Cryptocurrency journalist Eleanor Terrett announced that the state of Wyoming is the first U.S. state to launch its own stablecoin by officially releasing the Frontier Stable Token (FRNT).
According to Terrett, Wyoming has made the Frontier Stable Token (FRNT), backed by U.S. dollars and short-term Treasury bills, available on seven blockchains.
Launched in partnership with LayerZero, FRNT is active on 7 blockchains, including Ethereum, Solana, Arbitrum, Avalanche, Polygon, Optimism, and Base.
However, it is not public due to regulatory barriers.
The Wyoming Stable Token Commission stated that FRNT is a fully collateralized digital token with a legally mandated 102% reserve requirement.
The commission and LayerZero define FRNT as a "public asset protected by the constitution" that is not subject to "arbitrary usage restrictions," unlike many alternatives.
The commission also stated that the interest generated from FRNT reserves will be directed to the Wyoming School Foundation Fund every three months and will serve the public good to its citizens.
Those responsible for the FRNT promotion state that the token will be unique as it is not regulated under the GENIUS Act. They indicate that the stablecoin law passed last month does not apply to FRNT, as Wyoming is not a business but a sovereignty.
Wyoming Governor Mark Gordon said:
"For years, Wyoming has been a leading state in blockchain, cryptocurrency, and digital asset regulations and has passed over 45 bills since 2016.
The mainnet launch of the Frontier Stable Token will provide our citizens and businesses with the opportunity to conduct modern, efficient, and secure transactions in the digital age."
Stay tuned for updates