In a press release, the Wyoming Stable Tokens Commission announced the launch of the Frontier Stable Token (FRNT) on the mainnet. The commission noted that this makes the U.S. state the first public entity in the country to issue a stablecoin.
The commission also revealed that Wyoming's stablecoin will be fully backed by U.S. dollars and short-term Treasury bonds, in accordance with the provisions of the GENIUS Act. The state legislature has also mandated a 2% over-collateralization of the FRNT stablecoin.
In collaboration with LayerZero, the token issuance partner, Wyoming's stablecoin was launched on seven blockchains through a robust application process. Aptos and Solana had been established as the preferred networks for the launch of the stablecoin.
However, the commission ultimately chose Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, and Solana as the seven blockchains for its launch. It is unclear whether there are plans for its launch on other networks in the future.
Meanwhile, it is worth mentioning that Wyoming's stablecoin is not yet tradable. In a post on X, journalist Eleanor Terrett revealed that, due to persistent regulatory hurdles, the token is still not available to the public.
According to the statement, Wyoming's stablecoin will be available for purchase on the Solana network through Kraken, the cryptocurrency exchange based in the state, in the coming days. Investors will also be able to acquire it through Rain's integrated Visa card platform on the Avalanche network.
Commenting on the launch of the FRNT stablecoin, Wyoming Governor Mark Gordon, who also serves as the commission's chairman, noted that his state has been the leading state in the regulation of blockchain, cryptocurrencies, and digital assets, having passed more than 45 laws since 2016.
It is noteworthy that the state is home to Kraken, which moved its headquarters there earlier this year. Uniswap plans to establish a legal entity DUNI in Wyoming.
Meanwhile, Gordon added that the launch of Wyoming's stablecoin reaffirms its commitment to financial innovation and consumer protection. He stated that the launch of the FRNT stablecoin on the mainnet will provide its citizens and businesses with a modern, efficient, and secure means of conducting transactions in the digital age.
