The Wyoming Stable Token Commission, a physique approved by the US state to problem a stablecoin, introduced the mainnet launch of the Frontier Stable Token (FRNT) stablecoin.
The FRNT stablecoin is a fully-collateralized digital token backed by short-duration US Treasury payments and US {dollars}, with a statutorily mandated 102% reserve requirement, the fee stated in an announcement on Tuesday.
According to CryptoAmerica host Eleanor Terrett, the FRNT is now reside on seven blockchains, together with Ethereum, Solana, Arbitrum, Avalanche, Polygon, Optimism and Base.
“However, resulting from lingering regulatory hurdles, the token isn’t but accessible to the general public,” Terrett stated in an X put up on Tuesday.
FRNT at Wyoming Blockchain Symposium
The FRNT mainnet launch is predicted to be introduced on the Wyoming Blockchain Symposium, a second annual occasion hosted by the finance networking platform SALT and Kraken alternate.
“For years, Wyoming has been the main state on blockchain, cryptocurrency, and digital asset regulation, passing over 45 items of laws since 2016,” Wyoming Governor Mark Gordon stated, including:
“The mainnet launch of the Frontier Stable Token will empower our residents and companies with a contemporary, environment friendly, and safe technique of transacting within the digital age.”
The official announcement highlights the fee’s collaboration with the blockchain interoperability protocol LayerZero to supply FRNT throughout a number of blockchain networks.
The preliminary FRNT availability is predicted to characteristic purchases on the Solana blockchain by Wyoming-domiciled crypto alternate Kraken within the coming days, the fee stated.
“Public availability shall be observed with a distribution from this workplace and the Stable Token Commission,” it added.
FRNT is accepted by Visa
According to an announcement shared by Avalanche developer Ava Labs, Wyoming’s FRNT stablecoin shall be accessible to be used wherever Visa is accepted.
The supported fee channels embrace main cellular fee and digital pockets providers equivalent to Apple Pay and Google Pay, in addition to bodily playing cards.
“The issuance of FRNT indicators a paradigm shift,” the fee’s govt director Anthony Apollo stated, stressing that Wyoming has been among the many pioneers of crypto adoption and digital asset laws within the US.
“In addition to regulation, public entities now have a mannequin for innovation that may make authorities processes considerably extra environment friendly,” Apollo stated in an announcement, including:
“From paying distributors in seconds to enabling tax refunds and social advantages on-chain, FRNT brings state motion into the programmable period.”
A spokesperson for Ava Labs additionally informed Cointelegraph that FRNT is identical token beforehand known as Wyoming Stable Token (WYST) and Wyoming Electronic Stable Token (WEST).
This is a growing story, and additional info shall be added because it turns into accessible.
Magazine: Altcoin season 2025 is nearly right here… however the guidelines have modified
