Wyoming Launches U.S. Dollar Stablecoin Frontier Token on Multiple Blockchains
Wyoming has launched the mainnet for its Frontier Stable Token (FRNT), claiming it as the first fully-reserved stablecoin issued by a public entity in the U.S.
- The token is 2% over-collateralized, backed by U.S. dollars and short-duration U.S. treasuries.
- FRNT is deployed on multiple networks including Arbitrum, Avalanche, Ethereum, and others.
- Available to the public soon via Kraken and Rain’s Visa-integrated card platform on Avalanche.
- The launch coincided with the Wyoming Blockchain Symposium and follows the enactment of federal laws regulating stablecoins.
- Stablecoins currently represent a $260 billion market, with projections suggesting potential growth to a trillion dollars in the coming years.
- Wyoming established the Wyoming Stable Token Commission in 2023 to oversee the integration of this stablecoin into public finances.
- A recent test transaction for government contractor payments was conducted using the token on the Avalanche blockchain.
The Commission has partnered with various firms for token issuance, reserves management, and audits.