The Wyoming Secure Token Fee (WSTC), a physique licensed by the US state to challenge a stablecoin, has formally 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 WSTC mentioned in an announcement on Tuesday.
In accordance with CryptoAmerica host Eleanor Terrett, the FRNT is now dwell on seven blockchains, together with Ethereum, Solana, Arbitrum, Avalanche, Polygon, Optimism and Base.
“Nonetheless, on account of lingering regulatory hurdles, the token is just not but obtainable to the general public,” Terrett mentioned in an X submit on Tuesday.
FRNT at Wyoming Blockchain Symposium
The FRNT mainnet launch is predicted to be introduced on the Wyoming Blockchain Symposium, a second annual occasion hosted by the finance networking platform SALT and Kraken change.
“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 WSTC’s collaboration with the blockchain interoperability protocol LayerZero to supply FRNT throughout a number of blockchain networks.
The preliminary FRNT availability is predicted to function purchases on the Solana blockchain by Wyoming-domiciled crypto change Kraken within the coming days, the fee mentioned.
“Public availability will likely be seen with a distribution from this workplace and the Secure Token Fee,” it added.
FRNT is accepted by Visa
In accordance with an announcement shared by Avalanche developer Ava Labs, Wyoming’s FRNT stablecoin will likely be obtainable to be used wherever Visa is accepted because of Rain’s stablecoin infrastructure.
The supported cost channels embrace main cellular cost and digital pockets providers similar to Apple Pay and Google Pay, in addition to bodily playing cards.
“The issuance of FRNT indicators a paradigm shift,” WSTC govt director Anthony Apollo mentioned, stressing that Wyoming has been among the many pioneers of crypto adoption and digital asset laws within the US.
“Along with regulation, public entities now have a mannequin for innovation that may make authorities processes considerably extra environment friendly,” Apollo mentioned in a press release, 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).
It is a creating story, and additional info will likely be added because it turns into obtainable.
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