Wyoming has become the first U.S. state to launch its own stablecoin, Frontier Stable Token (FRNT), marking a significant moment in the crypto landscape.
Stablecoin Design: Backed by Dollars and Treasuries
The Wyoming stablecoin is fully backed by U.S. dollars and short-duration treasuries, featuring an extra layer of security with 2% overcollateralization to ensure reserve levels exceed circulating tokens.
Stablecoin Access on Solana and Ethereum
Investors will be able to acquire FRNT through Kraken, starting on the Solana network, with additional distribution on Avalanche via Rain's Visa-integrated platform, facilitating easy access for transactions.
FRNT’s Regulatory and Political Edge
FRNT is issued by a state entity, potentially exempting it from federal restrictions. However, some critics view it as resembling a central bank digital currency, raising concerns about financial privacy.
The launch of Frontier Stable Token marks a pivotal development in the evolution of stablecoins in the U.S., with Wyoming continuing to position itself as a leader in blockchain innovation.
