CHEYENNE, Wyo. — The Wyoming Stable Token Commission announced the launch of the Frontier Stable Token (FRNT) on Tuesday, Aug. 19. This initiative established the state as the first public entity in the U.S. to issue a blockchain-based stable token.
A stable token is a type of cryptocurrency whose value is fixed to another asset, often currencies such as the U.S. dollar or the euro, though other assets are possible, according to finance website Bankrate. The Wyoming Stable Token Commission wrote via press release that FRNT is designed to provide secure, transparent and efficient digital transactions for individuals, businesses and institutions.
Governor Mark Gordon, who serves as Chairman of the Wyoming Stable Token Commission, said in the announcement that Wyoming will now be at the forefront of digital finance.
“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. “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.”
According to the Wyoming Stable Token Commission, FRNT will be 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.
The Commission has launched FRNT on seven blockchains selected through a candidacy process. FRNT will soon be made available for purchase on the Solana blockchain through Wyoming-domiciled digital asset exchange Kraken, as well as Rain’s Visa-integrated card platform on the Avalanche blockchain. Public availability will be noticed with a distribution from the Governor’s Office and the Stable Token Commission.
