Wyoming launches state-backed stablecoin, a first of its kind

[The concept of using stablecoins in the financial system]

Wyoming on Monday unveiled the first U.S. state-backed stablecoin, called Frontier Stable Token (FRNT-USD), on a number of popular blockchains in a mainnet launch.

The new token is structured with a 2% over-collateralization and secured by U.S. dollars alongside short-dated Treasury holdings kept in trust.

FRNT has already been deployed on the following networks: Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon and Solana. Wyoming was testing [https://seekingalpha.com/news/4426205-wyoming-stablecoin-testing-phase-launch-target] the stablecoin on several of the aforementioned networks in March.

The stablecoin will open to the broader public in the days ahead, accessible on Solana through Wyoming-based exchange Kraken and on Avalanche via Rain's Visa (V [https://seekingalpha.com/symbol/V])-integrated card platform, according to a bulletin [https://content.govdelivery.com/accounts/WYGOV/bulletins/3ee734a].

The move follows passage of the landmark GENIUS Act, which set new rules for the emerging sector and its issuers.

"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," Wyoming Governor Mark Gordon said in a statement.

MORE ON STABLECOINS

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* Japan set to launch first yen-pegged stablecoin this autumn [https://seekingalpha.com/news/4486862-japan-set-to-launch-first-yen-pegged-stablecoin-this-autumn]
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* Financial information for Tether USD [https://seekingalpha.com/symbol/USDT-USD/income-statement]
* Financial information for USCoin USD [https://seekingalpha.com/symbol/USDC-USD/income-statement]