CHEYENNE — The Wyoming Stable Token Commission on Tuesday announced the launch of the Frontier Stable Token (FRNT).
This historic move marks Wyoming as the first public entity in the United States to issue a blockchain-based stable token, according to a news release from the office of Gov. Mark Gordon.
FRNT is designed to provide secure, transparent and efficient digital transactions for individuals, businesses and institutions worldwide. This groundbreaking initiative cements Wyoming at the forefront of digital finance and blockchain innovation, the release said.
“For years, Wyoming has been the leading state on blockchain, cryptocurrency, and digital asset regulation, passing over 45 pieces of legislation since 2016,” Gordon said in the release. “Today, Wyoming reaffirms its commitment to financial innovation and consumer protection. The mainnet launch of the Frontier Stable Token will empower our citizens and businesses with a modern, efficient, and secure means of transacting in the digital age.”
Gordon serves as chairman of the commission.
The Frontier Stable Token is fully backed by U.S. dollars and short-duration treasuries, held in trust for the benefit of token holders. FRNT fortifies its stability with a legislatively mandated remit to achieve 2% overcollateralization. Developed in collaboration with industry-leading experts and partners, FRNT leverages blockchain technology to offer instant transaction settlement, reduced fees and enhanced accessibility for all users, the release said.
Through engagement with token issuance partner LayerZero, and achieving the Wyoming Select Committee on Blockchain’s encouragement to offer FRNT across multiple blockchain networks, the commission has launched FRNT on seven blockchains selected through a robust candidacy process. As these blockchains are publicly accessible and transparent, the commission can now share smart contract addresses on Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon and Solana.
This accomplishment was supported by partners engaged by the commission through a thorough and transparent procurement process. These include token issuance through LayerZero, blockchain infrastructure through Fireblocks, reserves management through Franklin Advisers, open-source intelligence from Inca Digital, and financial audit and monthly attestations from The Network Firm.
FRNT will be made available for purchase on the Solana blockchain through Wyoming-domiciled digital asset exchange Kraken in the coming days, as well as Rain’s Visa-integrated card platform on the Avalanche blockchain. Public availability will be noticed with a distribution from Gordon’s office and the Stable Token Commission.
For more information about the Frontier Stable Token and LSP onboarding resources, visit stabletoken.wyo.gov.
