(Cheyenne, WY) – Wyoming has begun public sales of the Frontier Stable Token (FRNT) – the first fully reserved stable token issued by a U.S. public entity, according to the Wyoming Stable Token Commission. FRNT is now available for purchase on Kraken, a Cheyenne-based cryptocurrency exchange.
Unlike volatile cryptocurrencies such as Bitcoin, FRNT is a stable token, or ‘Stablecoin’, a type of digital currency designed to maintain a stable value by linking its price to a traditional asset such as the U.S. dollar. Stablecoins such as FRNT combine the speed and transparency of blockchain transactions with the predictability of a more traditional currency.
FRNT is backed 1:1 by the U.S. dollar and short-term U.S. Treasury Bonds, with interest income returned to the State.
“Wyoming is an innovation leader for our nation – from our core energy, agriculture and tourism industries to education and beyond,” Governor Mark Gordon said Wednesday. “Today, our embrace of digital assets further demonstrates the strength of our enterprise and provides our citizens, businesses, and the nation a cheaper, faster, and more transparent means of transacting. Importantly, FRNT provides another source of funding for our schools and can lower the taxpayer burden in our state.”
More information can be found at stabletoken.wyo.gov