The state of Wyoming has announced the launch of its first government-backed stablecoin, the Frontier Stable Token (FRNT), operating across seven blockchains.
Launch of the FRNT Stablecoin
The Frontier Stable Token (FRNT) has become the first government-backed stablecoin launched in Wyoming. It will operate on blockchains including Ethereum and Solana, fully backed by the dollar with a 2% overcollateralization requirement. All reserve income will be directed to the Wyoming School Foundation Fund.
Regulatory Framework and Backing
FRNT is launched outside of the GENIUS Act framework, as it is issued by a government entity. This allows for all reserve income to be directed toward funding education rather than private profit. The coin is fully backed by U.S. dollars and short-term Treasury securities.
Partnerships and Distribution
Kraken, a Wyoming-based exchange, will trade FRNT on the Solana blockchain, while Rain will implement a Visa-integrated card for FRNT on Avalanche. The distribution strategy focuses on practical utility rather than speculative trading.
Wyoming's initiative to issue the FRNT stablecoin marks a significant step towards blockchain technology integration in public finance systems, potentially opening new avenues for education funding through cryptocurrency.
