Wyoming's Stable Token Commission has issued the Frontier Stable Token (FRNT), a fully collateralized stablecoin backed by short-term US Treasury bills and dollars. The token satisfies a strict 102% reserve requirement. FRNT is now available on seven blockchains: Ethereum, Solana, Arbitrum, Avalanche, Polygon, Optimism, and Base.
While FRNT has been launched on several blockchains, it is still unavailable to the general public due to ongoing regulatory issues. Initial public availability is planned soon. Solana purchases will be handled through Wyoming-based exchange Kraken.
The launch was announced at the Wyoming Blockchain Symposium, highlighting Wyoming's leadership in blockchain and cryptocurrency regulation. FRNT collaborates with the LayerZero protocol to facilitate communication across multiple networks, thereby enhancing interoperability.
Importantly, FRNT will be accepted for payments wherever Visa is used, including Apple Pay, Google Pay, and traditional Visa cards.
Anthony Apollo, executive director of the Stable Token Commission, described FRNT as a "paradigm shift" in public sector innovation. The coin aims to improve government procedures such as speedier vendor payments, on-chain tax refunds, and social benefits distribution.
FRNT was previously known as the Wyoming Stable Token (WYST) and the Wyoming Electronic Stable Token (WEST), indicating its lengthy development process.
