- Wyoming’s Frontier Stable Token (FRNT) will launch on Hedera, following its selection by the Wyoming Stable Token Commission.
- FRNT is the first U.S. state-issued stable token, fully backed by U.S. dollars and short-term Treasuries, with a 2% extra reserve for added security.
- The token is designed to improve the speed, transparency, and efficiency of payments in the public sector.
- Interest earned from the program supports Wyoming’s School Foundation Program, helping fund education across the state.
- Hedera was chosen for its fast transaction speed, predictable fees, regulatory alignment, and carbon-negative operations.
The Wyoming Stable Token Commission has announced that the Frontier Stable Token (FRNT), the first state-issued stable token in the U.S., will become available on the Hedera blockchain. The commission selected Hedera after their latest evaluation, citing key criteria such as speed, reliability, and compliance with regulations.
FRNT was developed under the Wyoming Stable Token Act of 2023. According to the announcement, each FRNT token is fully backed one-to-one by U.S. dollars and short-term U.S. Treasury bonds, plus an additional 2% held in reserve. The commission stated that the stable token aims to provide faster and more transparent payment systems for public financial operations.
Anthony Apollo, Executive Director of the Wyoming Stable Token Commission, said, “Our goal with FRNT is to set a new standard for how states leverage digital assets to better serve the public… The Commission selected Hedera for candidacy because its technical edge aligns with our commitment to security and compliance.” The commission added that interest earned from the Treasury investments connected to FRNT will support the Wyoming’s School Foundation Program.
Hedera was chosen for its network’s fast settlement time, predictable low fees, and robust governance model. Transactions on the network are finalized in seconds, with a capacity of up to 10,000 transactions per second. The blockchain also operates with a carbon-negative footprint. Mance Harmon, Co-Founder of Hedera, stated, “Wyoming’s selection of Hedera shows how responsible innovation can deliver real-world financial solutions, setting a precedent for other states and, ultimately, the world to follow.”
FRNT has been piloted for uses such as contractor payments and emergency relief disbursements. The commission plans to release more details about how the public can buy FRNT on Hedera soon.
Hedera describes itself as a provider of fast, secure distributed Ledger technology, offering a public network that is governed by a global council of major companies. The full Hedera whitepaper and additional resources can be found at www.hedera.com/papers.
The Wyoming Stable Token Commission, established in March 2023, is responsible for overseeing the rollout of fully-backed digital tokens according to state law. More information is available at https://stabletoken.wyo.gov.
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