Wyoming is the first U.S. state to issue its own stablecoin
The "Frontier" coin is backed by the dollar and short-term treasury bonds
Other states like Nebraska and Texas are considering launching their own stablecoins
The "Frontier" coin is backed by the dollar and short-term treasury bonds
This step comes after U.S. President Donald Trump signed the first federal law regulating stablecoins
The state of Wyoming has launched its long-awaited stablecoin, designed to provide instant transactions and low fees for consumers and businesses, in the latest move by the "Cowboy State" to attract digital asset companies.
The currency is named "Frontier Stable Token" (FRNT), which is backed by the dollar and short-term treasury bonds, and aims to track the value of the U.S. currency at a 1:1 ratio.
The Wyoming Stablecoin Committee is working with LayerZero to issue the coins and plans to make it secured by assets exceeding its value by 2%.
The reserves are managed by Franklin Advisers, while The Network Firm provides auditing and monthly reporting services. The currency will be available on several blockchain networks, including: Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, and Solana.
