Wyoming state announced on Tuesday the mainnet launch of its U.S. dollar stablecoin Frontier Stable Token (FRNT), claiming it to be the first fully-reserved stablecoin in the country issued by a public entity.
„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,” Mark Gordon, governor of Wyoming and chairman of the Wyoming Stable Token Commission, said in a statement.
The token has already been deployed on the Arbitrum (ARB), Avalanche (AVAX), Base, Ethereum (ETH), Optimism (OP), Polygon (POL), and Solana (SOL) networks, blockchain data on the project’s website shows. The token is designed to be 2% over-collateralized, backed by U.S. dollars and short-duration U.S. treasuries held in trust.
The token will be available for the broader public in the coming days on Solana through Wyoming-domiciled exchange Kraken and Rain’s Visa-integrated card platform on the Avalanche bl
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