The Wyoming Secure Token Fee, a physique licensed by the US state to concern a stablecoin, introduced the mainnet launch of the Frontier Secure Token (FRNT) stablecoin.
The FRNT stablecoin is a fully-collateralized digital token backed by short-duration US Treasury payments and US {dollars}, with a statutorily mandated 102% reserve requirement, the fee mentioned in an announcement on Tuesday.
In accordance to CryptoAmerica host Eleanor Terrett, the FRNT is now dwell on seven blockchains, together with Ethereum, Solana, Arbitrum, Avalanche, Polygon, Optimism and Base.
“Nonetheless, as a result of lingering regulatory hurdles, the token will not be but obtainable to the general public,” Terrett mentioned in an X publish on Tuesday.
FRNT at Wyoming Blockchain Symposium
The FRNT mainnet launch is anticipated to be introduced on the Wyoming Blockchain Symposium, a second annual occasion hosted by the finance networking platform SALT and Kraken alternate.
“For years, Wyoming has been the main state on blockchain, cryptocurrency, and digital asset regulation, passing over 45 items of laws since 2016,” Wyoming Governor Mark Gordon mentioned, including:
“The mainnet launch of the Frontier Secure Token will empower our residents and companies with a contemporary, environment friendly, and safe technique of transacting within the digital age.”
The official announcement highlights the fee’s collaboration with the blockchain interoperability protocol LayerZero to supply FRNT throughout a number of blockchain networks.
The preliminary FRNT availability is anticipated to characteristic purchases on the Solana blockchain by way of Wyoming-domiciled crypto alternate Kraken within the coming days, the fee mentioned.
“Public availability might be observed with a distribution from this workplace and the Secure Token Fee,” it added.
FRNT is accepted by Visa
In response to an announcement shared by Avalanche developer Ava Labs, Wyoming’s FRNT stablecoin might be obtainable to be used wherever Visa is accepted.
The supported cost channels embrace main cell cost and digital pockets companies comparable to Apple Pay and Google Pay, in addition to bodily playing cards.
“The issuance of FRNT indicators a paradigm shift,” the fee’s govt director Anthony Apollo mentioned, stressing that Wyoming has been among the many pioneers of crypto adoption and digital asset laws within the US.
Associated: US Treasury requires public touch upon GENIUS stablecoin invoice
“Along with regulation, public entities now have a mannequin for innovation that may make authorities processes considerably extra environment friendly,” Apollo mentioned in an announcement, including:
“From paying distributors in seconds to enabling tax refunds and social advantages on-chain, FRNT brings state motion into the programmable period.”
A spokesperson for Ava Labs additionally instructed Cointelegraph that FRNT is similar token beforehand known as Wyoming Secure Token (WYST) and Wyoming Digital Secure Token (WEST).
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