Wyoming Rolls Out FRNT Stablecoin, Backed by GENIUS Bill Legislation - Cryptured.com

Wyoming’s Stable Token (FRNT), the first U.S. state-backed digital currency, went live on the mainnet Tuesday, as announced by the Wyoming Stable Token Commission.

Wyoming Launches FRNT, the First State-Issued Stablecoin

The Wyoming Stable Token Commission stated in a statement on Tuesday that it has successfully launched its FRNT stablecoin, becoming the first US state to do so.

According to the Commission, FRNT is backed by short-term Treasury bills and US dollars, and it is required by law that reserves be 2% overcollateralized.

As stated by Governor Mark Gordon, Chairman of the Wyoming Stable Token Commission, the mainnet launch of the Frontier Stable Token will provide our citizens and businesses with a contemporary, effective, and safe way to conduct business in the digital era.

The interoperability protocol LayerZero is one of the companies the Commission disclosed partnering with to help issue the token. Fireblocks oversees the token’s blockchain technology, Franklin Advisers oversees its reserve assets, and The Network Firm performs monthly attestations and financial audits.

Several blockchains, such as Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, and Solana, will support Wyoming’s Stable Token (FRNT) from the moment it launches.

According to the Commission, the cryptocurrency exchange Kraken will sell FRNT on Solana. Additionally, Rain’s Avalanche-powered card infrastructure with Visa integration will support the stablecoin.

Following the passage of the state’s Stable Token Act in 2023, there were initial rumors of a stable token in Wyoming. Because of President Trump’s support for cryptocurrency, the Commission accelerated the token’s introduction this year.

After the GENIUS bill was passed in July of last year, creating a legal framework that governs stablecoin issuance in the United States, FRNT was launched.