State of wyoming announced On Tuesday the US Dollar Stablecoin Frontier Stable Token launching Mainnet (FRNT).
“The main launch of the Frontier Stable token will empower our citizens and businesses with a modern, efficient, and safe way of transacting at the digital age,” Mark Gordon, Governor of Wyoming and Chairman of the Wyoming Stable token Commission, said in a statement.
The token is that -deployed to arbitrum
Avalanche, Base, Ethereum, Optimism, Polygon (Pol)and Solana networks, blockchain data on Project website Shut up. The token was designed to be 2% over-collateralized, supported by the US dollar and short US Treasury’s short period of trust.
The token for the broader public will be available in the coming days in Solana by the Wyoming-Domiciled Exchange Kraken and Visa-Integrated Card platform on the Avalanche Blockchain, the press release said.
The announcement, in conjunction with the Wyoming Blockchain Symposium Conference at the Jackson Hole, Wyoming, follows the US who enacts federal laws along with the Genius Act to repair the fast-growing stablecoin sector and the providers.
Stablecoins is a $ 260 billion class of cryptocurrencies with prices tied to an external owner such as the US dollar. They can be a trillion dollar market over the next few years and interrupt the flow payments while adopting the real economy is expanding, the crypto trading firm Keyrock is expected to be in a Recent report.
Wyoming, known for its ongoing stance on Blockchain law, created the Wyoming Stable token Commission in 2023 to form and issue a dollar-supported token and administer its integration with public finance. Last month, the state conducted a Test transaction For the payment of a real-time government contractor to the hashfire-based avalanche hashfire.
The Commission has cooperated with Layerzero for the release of token, fireblocks for blockchain infrastructure, Franklin Advisers for Reserves Management, Inca Digital for open-source intelligence and the network firm for audits and monthly attestations, all selected through a process of acquiring, Press release said.
Read more: US Department of Treasury begins
