The US state of Wyoming has launched its own US dollar-pegged stablecoin that can be used for real-world payments.
The Wyoming Stable Token Commission has worked with blockchain platform Avalanche and card issuing and payments outfit Rain on the Frontier Stable Token (FRNT).
Debuting on the heels of the Genius Act, the token marks the first use case of a production-grade government-issued digital asset on a public blockchain, says the commission.
FRNT is a fully-collateralised digital token backed by short-duration US Treasury bills and US dollars, with a statutorily-mandated 102% reserve requirement.
It is built on Avalanche and, through Rain’s stablecoin infrastructure, will be usable anywhere Visa is accepted-including through Apple Pay, Google Pay, and physical cards.
Anthony Apollo, executive director, Wyoming Stable Token Commission, says: “While Wyoming has been the leading state for cryptocurrency, blockchain, and digital assets legislation for nearly a decade, the issuance of FRNT signals a paradigm shift.
“In addition to regulation, public entities now have a model for innovation that can make government processes significantly more efficient. From paying vendors in seconds to enabling tax refunds and social benefits on-chain, FRNT brings state action into the programmable era.”