4 days ago
Wyoming authorities announced connected Tuesday the mainnet motorboat of its U.S. dollar stablecoin Frontier Stable Token (FRNT), claiming it to beryllium the archetypal fully-reserved stablecoin successful the state issued by a nationalist entity.
"The mainnet motorboat of the Frontier Stable Token volition empower our citizens and businesses with a modern, efficient, and unafraid means of transacting successful the integer age," Mark Gordon, politician of Wyoming and president of the Wyoming Stable Token Commission, said successful a statement.
The token has already been deployed connected the Arbitrum (ARB), Avalanche (AVAX), Base, Ethereum (ETH), Optimism (OP), Polygon (POL), and Solana (SOL) networks, blockchain information connected the project's website shows. The token is designed to beryllium 2% over-collateralized, backed by U.S. dollars and short-duration U.S. treasuries held successful trust.
The token volition beryllium disposable for the broader nationalist successful the coming days connected Solana done Wyoming-domiciled speech Kraken and Rain’s Visa-integrated paper level connected the Avalanche blockchain, the property merchandise said.
The announcement, coincided with the Wyoming Blockchain Symposium league successful Jackson Hole, Wyoming, follows the U.S. enacting national laws with the GENIUS Act to modulate the fast-growing stablecoin assemblage and issuers.
Stablecoins are a $260 cardinal people of cryptocurrencies with prices tied to an outer plus similar the U.S. dollar. They could go a trillion dollar marketplace successful the adjacent fewer years and disrupt payments flows arsenic adoption successful the existent system expands, crypto trading steadfast Keyrock projected successful a recent report.
Wyoming, known for its guardant stance connected blockchain legislation, created the Wyoming Stable Token Commission successful 2023 to make and contented a U.S. dollar-backed token and oversee its integration into nationalist finances. Last month, the authorities conducted a test transaction for real-time authorities contractor outgo connected the Avalanche-based Hashfire.
The Commission has partnered with LayerZero for token issuance, Fireblocks for blockchain infrastructure, Franklin Advisers for reserves management, Inca Digital for open-source quality and The Network Firm for audits and monthly attestations, each selected done a procurement process, the property merchandise said.
Read more: U.S. Treasury Department Starts Work connected GENIUS, Gathering Views connected Illicit Activity
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