The State of Wyoming on Wednesday launched its U.S. dollar-backed stablecoin FRNT, becoming the first U.S. state to issue its own digital token.
FRNT is now available on the Solana blockchain through Kraken and on the Avalanche blockchain through Rain, a Visa-linked payments platform.
FRNT is issued by the Wyoming Stable Token Commission and backed by reserves held in trust by the state. Those reserves are invested only in U.S. dollars and short-term U.S. Treasury securities, according to a press release reviewed by The Defiant.
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