Frontier Stable Token (FRNT), the first stablecoin issued by a US state, became available for public purchase on January 7.
The token can be bought via Kraken
$453.51M
on the Solana
blockchain and moved across networks using the Stargate platform.
The FRNT token supports seven blockchains: Arbitrum
, Avalanche
, Base, Ethereum
, Optimism
, Polygon
, and Solana.
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Wyoming is the first and only state to issue a stablecoin backed by the US dollar. The initiative aims to reduce volatility typical in other digital assets and streamline digital transactions.
The FRNT token has been in development for nearly a decade, with the state investing $6 million toward its launch.
At a recent budget review, lawmakers questioned the commission’s request for an additional $2 million to continue operations. Converse County Treasurer Joel Schell commented:
The county is like any other business – we take credit cards, but we can’t raise registration fees and property taxes to absorb the processing costs, so we send those costs directly to the customers.
He noted that last year his office processed about $3.4 million in credit card payments, which resulted in approximately $70,000 in fees paid to processors. He said that electronic payments, especially stablecoins, would help reduce those expenses.
Recently, Tunku Ismail Ibni Sultan Ibrahim, the crown prince of Johor, introduced a new stablecoin, RMJDT, pegged to the Malaysian ringgit. How will the RMJDT token be used? Read the full story.
