Wyoming has become the first U.S. public entity to issue a blockchain-based stablecoin, launching the Frontier Stable Token (FRNT) on seven different blockchains.
What Happened: The Wyoming Stable Token Commission announced the mainnet release on Aug. 19, positioning the state at the forefront of government-issued digital assets.
FRNT is fully backed by U.S. dollars and short-duration Treasuries held in trust, with a legislative mandate requiring 2% overcollateralization.
According to the Commission, the token is designed to provide secure, transparent, and efficient digital transactions for individuals, businesses, and institutions.
The stablecoin is available on Arbitrum (CRYPTO: ARB), Avalanche (CRYPTO: AVAX), Base, Ethereum (CRYPTO: ETH), Optimism (CRYPTO: OP), Polygon (CRYPTO: MATIC), and Solana (CRYPTO: SOL).
Officials said …