Wyoming has taken a grand leap, like a particularly enthusiastic frog, into the realm of digital finance. It has now launched the very first state-backed stablecoin to gallivant across seven blockchains, all tied to the sturdy anchor of U.S. dollars and treasuries. Who knew one could wrangle both cowboys and cryptocurrency?” 🐴💰
Historic First: Wyoming Issues State-Backed Stablecoin on 7 Blockchains
On the balmy day of August 19, the illustrious Wyoming Stable Token Commission trumpeted the mainnet debut of the Frontier Stable Token (FRNT). This grand announcement solidified Wyoming’s position as the pioneering public entity to release a blockchain-based stable token. Commission leaders were, one suspects, puffing their chests with pride as they stated:
This historic move marks Wyoming as the first public entity in the United States to issue a blockchain-based stable token. Cue the trumpets! 🎺
“FRNT is designed to provide secure, transparent, and efficient digital transactions for hapless individuals, ambitious businesses, and assorted institutions – worldwide,” the announcement waxed poetically. Governor Mark Gordon, who, I daresay, could chair a committee on knitting if required, emphasized this initiative was grounded in the state’s splendid history of passing a staggering number of digital asset laws. “For years, Wyoming has been the leading state on blockchain, cryptocurrency, and digital asset regulation, churning out over 45 pieces of legislation since 2016,” he quipped, perhaps with an exaggerated flourish.
Not to be outdone, the Wyoming Stable Token Commission, born out of the Wyoming Stable Token Act in March 2023, has been tasked with the job of issuing fully collateralized stable tokens under the watchful gaze of fiscal hawks. Their framework champions both transparency and financial safeguards, like a knight in shining armor-if knights had a penchant for very complicated financial instruments.
The commission went on to elucidate the FRNT’s structure: “The Frontier Stable Token will be fully backed by U.S. dollars and short-duration treasuries, held in trust for all you lovely token holders.” On top of that, state law demands a 2% overcollateralization buffer. Because why not add an extra cushion to the already plush financial sofa? To ensure that everything goes off without a hitch, the commission enlisted LayerZero for the issuing, Fireblocks for the infrastructure, Franklin Advisers for reserve management (yes, they do wear suits), Inca Digital for intelligence services, and The Network Firm for monthly audits and mumblings about transparency.
Distribution plans were also shared in an air of excitement akin to children waiting for a new toy. “FRNT will be made available for purchase on the Solana blockchain through our very own Wyoming-domiciled digital asset exchange, Kraken, in the coming days. Additionally, Rain’s Visa-integrated card platform on the Avalanche blockchain will partake in this scrumptious digital pie. Public announcements will be proliferated through the offices of this august body and the Stable Token Commission.” In case you were wondering, the Wyoming government gleefully added:
FRNT has been deployed on seven blockchains: Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, and Solana.
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2025-08-20 04:57