Wyoming Launches First US Government-Backed Stablecoin Frontier Token (FRNT)
Wyoming has launched the Frontier Stable Token (FRNT), becoming the first US state to issue a government-backed stablecoin. The FRNT mainnet went live on August 19 across multiple blockchains including Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, and Solana. Currently, public trading is not available due to regulatory hurdles but is expected to start soon through Kraken during an early access period.
Key details include:
- FRNT is pegged 1:1 to the US dollar with a mandate for 2% overcollateralization.
- LayerZero is the issuance partner; Fireblocks provides blockchain infrastructure.
- Reserves management is handled by Franklin Advisers, with audits by The Network Firm.
The launch follows increased global interest in stablecoins amid new regulatory frameworks, with the US GENIUS Act contributing to market activity. In Asia, South Korea plans to propose a won-pegged stablecoin regulatory framework, while Citigroup considers launching custody services for stablecoins under new regulations.