The first state-backed stablecoin in the United States, the Frontier Stable Token (FRNT), is now live across seven different blockchains, including Solana and Ethereum. This event marks an important step in the interaction between public finance and blockchain technology.
Launch of the FRNT Stable Token
The FRNT token has been launched across various blockchains, including Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, and Solana. However, traders will need to wait for regulatory clearance, as the token is not yet available for open market trading.
Regulatory Framework and Unique Features
FRNT is issued directly by the Wyoming Stable Token Commission and is backed by U.S. dollars and short-term Treasuries. Existing legislation requires a 2% overcollateralization, ensuring reserves exceed the issued tokens. This aligns with the recently passed GENIUS Act regulating stablecoins at the federal level.
Governor of Wyoming's Perspective
Wyoming Governor Mark Gordon, who chairs the Commission, described the launch of FRNT as a landmark event in the state's digital financial policy. He noted that this stablecoin is a secure tool for both citizens and businesses, highlighting Wyoming’s leadership in cryptocurrency legislation.
The launch of FRNT signifies a new era in U.S. digital finance, where government entities begin to compete with private firms in shaping the stablecoin market.
