The Wyoming Stable Token Commission, a body authorized by the US state to issue a stablecoin, announced the mainnet launch of the Frontier Stable Token (FRNT) stablecoin.
The FRNT stablecoin is a fully-collateralized digital token backed by short-duration US Treasury bills and US dollars, with a statutorily mandated 102% reserve requirement, the commission said in an announcement on Tuesday.
According to CryptoAmerica host Eleanor Terrett, the FRNT is now live on seven blockchains, including Ethereum, Solana, Arbitrum, Avalanche, Polygon, Optimism and Base.
“However, due to lingering regulatory hurdles, the token is not yet available to the public,” Terrett said in an X post on Tuesday.
FRNT at Wyoming Blockchain Symposium
The FRNT mainnet launch is expected to be announced at the Wyoming Blockchain Symposium, a second annual event hosted by the finance networking platform SALT and Kraken exchange.
“For years, Wyoming has been the leading state on blockchain, cryptocurrency, and digital asset regulation, passing over 45 pieces of legislation since 2016,” Wyoming Governor Mark Gordon said, adding:
“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.”
The official announcement highlights the commission’s collaboration with the blockchain interoperability protocol LayerZero to offer FRNT across multiple blockchain networks.
The initial FRNT availability is expected to feature purchases on the Solana blockchain through Wyoming-domiciled crypto exchange Kraken in the coming days, the commission said.
“Public availability will be noticed with a distribution from this office and the Stable Token Commission,” it added.
FRNT is accepted by Visa
According to an announcement shared by Avalanche developer Ava Labs, Wyoming’s FRNT stablecoin will be available for use anywhere Visa is accepted.
The supported payment channels include major mobile payment and digital wallet services such as Apple Pay and Google Pay, as well as physical cards.
“The issuance of FRNT signals a paradigm shift,” the commission’s executive director Anthony Apollo said, stressing that Wyoming has been among the pioneers of crypto adoption and digital asset legislation in the US.
“In addition to regulation, public entities now have a model for innovation that can make government processes significantly more efficient,” Apollo said in a statement, adding:
“From paying vendors in seconds to enabling tax refunds and social benefits on-chain, FRNT brings state action into the programmable era.”
A spokesperson for Ava Labs also told Cointelegraph that FRNT is the same token previously referred to as Wyoming Stable Token (WYST) and Wyoming Electronic Stable Token (WEST).
This is a developing story, and further information will be added as it becomes available.
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