Wyoming Becomes the First to Launch a State-Issued Stablecoin

Wyoming launched its long-promised stablecoin, designed to offer instant transactions and reduced fees for consumers and businesses, in the latest effort by the Cowboy State to attract digital asset businesses.

The Frontier Stable Token, or FRNT, will be backed by dollars and short-term Treasuries and is meant to track the value of the US currency one-for-one. The Wyoming Stable Token Commission is working with LayerZero to issue the tokens and plans for the coins to be overcollateralized by 2%. The reserves backing FRNT are managed by Franklin Advisers with financial audit and monthly attestations provided by The Network Firm. The ...