Wyoming Launches First State-Backed Stablecoin on Seven Blockchains

An anonymous reader shares a report: After years of research, the Wyoming Stable Token Commission has unveiled the mainnet launch of its first official state-backed stablecoin. The so-called Frontier Stable Token (FRNT), marking the first time a U.S. state has issued a blockchain-based, fiat-pegged token meant to be used by retail and enterprises alike, according to an announcement on Tuesday.

'FRNT is designed to provide secure, transparent, and efficient digital transactions for individuals, businesses, and institutions -- worldwide,' the commission wrote in a statement. 'This groundbreaking initiative cements Wyoming at the forefront of digital finance and blockchain innovation.'

Indeed, the Cowboy State has long been ahead of the curve when it comes to crypto regulation, including in recognizing DAOs as legal entities, creating a framework for 'crypto-banks' under the Special Purpose Depository Institutions charter, and passing the state's Stable Token Act -- all meant to draw economic activity to the region.

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