Latest news with #FrontierStableToken
CNBC
2 days ago
- Business
- CNBC
Wyoming launches the first state-issued stablecoin: CNBC Crypto World
On today's episode of CNBC Crypto World, bitcoin and altcoins slump as tech stocks pull back. Plus, Wyoming launches the Frontier Stable Token, the first state-backed stablecoin. And, Rep. Brian Steil (R-Wisconsin) discusses the next crypto legislative priorities for Congress.
Yahoo
2 days ago
- Business
- Yahoo
Solana News: Network Smashes 100K TPS, SEC Gives New ETF Shocker
Solana's institutional products crossed $1 billion in 2025 inflows while it's clocking crazy performance and adoption numbers. Market Overview Bitcoin's brief rally to a record $124,000 on Aug. 14 was short-lived, with prices slipping below $115,000 as hotter-than-expected inflation data cooled risk appetite across markets. The pullback rippled across the market, with Solana's ecosystem seeing a 15% drop in trading volume week-on-week, while its total market cap improved from $258 billion to $265 billion. At the regulatory level, the SEC postponed its decision on Solana ETF proposals from Bitwise and 21Shares until October, keeping investors waiting. The U.S. state of Wyoming has launched the Frontier Stable Token (FRNT) on Solana and six other blockchains. FRNT is not yet available to the public due to regulatory hurdles. Source: DeFiLlama Beyond price and policy, it was a week that pushed Solana performance at full throttle. The result? The network officially smashed through 100,000 transactions per second during stress testing, providing tangible proof of its scalability edge. Speed is no longer just marketing fluff, but proven infrastructure. Institutional capital is taking note: Solana-based digital asset products crossed $1 billion in year-to-date inflows, with $176.5 million flooding in just this past week. That's the second-highest weekly flow ever recorded. The corporate treasury trend is gaining serious momentum. DeFi Development Corp expanded its holdings to 1.42 million SOL worth $263 million. It is now pulling in $63,000 daily from staking rewards alone—not a bad passive income stream. Additionally, Sol Treasury Corp has increased its position to 14,905 SOL valued at $2.5 million. Let's unpack this week's key developments in the Solanaverse. Solana's Performance Despite this macro backdrop pressuring Bitcoin down, Solana powered through like a beast, climbing from $175 to $180 for a modest but welcome 3% weekly gain. Source: CoinMarketCap Investors are now focused on Fed Chair Jerome Powell's upcoming Jackson Hole speech on Aug. 22, where rate cut signals remain uncertain and every word carries weight for crypto. Will the Fed signal a pivot and unlock new momentum for Solana's ecosystem? L1 Ranking Update Solana's total value locked (TVL) slightly rose to $10.35 billion, ahead of Bitcoin in third place. Source: DeFiLlama DeFi Solana's weekly DEX trading volume is in the green, edging up 31% to hit $112 billion on the 30-day chart. Source: DeFiLlama $1.25 billion in USDC was minted on Solana in a single week, bringing the 2025 total to $24 billion and securing its spot as the second-largest stablecoin chain. Biggest Winners & Losers Of the top Solana ecosystems, Chainlink continues to march forward, with 15% gains. Top Performers Chintai (CHEX): +44.24% Useless Coin (USELESS): +34.78% Waves (WAVES): +27.41:% nubcat (NUB): +26.37% Biggest Losers WhiteRock (WHITE): -31.46% Mog Coin (MOG): -19.28% Loaded Lions (LION): -18.23% (PUMP): -18.16% SPX6900 (SPX): -17.96% Source: CoinMarketCap Latest Solana News Reclaims Solana Launchpad Dominance surged to 90% market share after LetsBonk's collapse from over 80% to just 3% in two weeks, with sharp declines in its transactions and active wallets. Marinade DAO Overhauls Tokenomics Marinade Finance approved MIP-11, redirecting all protocol fees to its treasury and launching a monthly $MNDE buyback program of up to 500 million tokens, expected to total around $5 million annually. What You Can Do Now Track the Jackson Hole symposium to stay ahead of potential market swings. Monitor Wyoming's updates to catch the FRNT stablecoin launch as soon as it goes live. Consider cutting back on leveraged trades to manage risk as volatility re-enters the market.
Yahoo
2 days ago
- Business
- Yahoo
Wyoming's 'Frontier' Stablecoin Debuts on Ethereum, Solana and Avalanche
Wyoming's stablecoin debuted across seven blockchains on Tuesday, a new milestone for the Cowboy State as it officially enters the $285 billion sector. Issued in partnership with LayerZero, the Frontier Stable Token (FRNT) will operate across Ethereum, Solana, and Avalanche, along with four Ethereum scaling networks—Polygon, Arbitrum, Optimism, and Base—the blockchain infrastructure provider and Wyoming Stable Token Commission said in a joint statement. Although the stablecoin sector has been dominated for years by crypto-native firms like Tether and Circle, FRNT, previously known as the Wyoming Stable Token (WYST), represents the first state-backed token issued in the U.S. Wall Street firms, meanwhile are mulling their own offerings. The Commission and LayerZero described FRNT as a 'constitutionally-protected public asset' that's not subject to 'arbitrary usage restrictions,' unlike many alternatives. Like most stablecoins, FRNT will be backed by cash and U.S. Treasuries—but instead of benefiting a business, interest generated by FRNT's reserves will be diverted to Wyoming's School Foundation Fund on a quarterly basis, serving its citizens as a public good. Individuals tied to FRNT's introduction told Decrypt last month that the token will be unique because it's not regulated under the GENIUS Act. The framework for stablecoins that passed last month does not apply to FRNT because Wyoming is a sovereignty—not a business—they said. That means FRNT could eventually share a portion of the revenue its reserves generate with holders. That feature won't be enabled on Tuesday, as it's still being ironed out, Wyoming Democratic State Senator Chris Rothfuss told Decrypt in July. The initiative has caught flack from some U.S. conservatives., who have compared FRNT to a central bank digital currency, but Anthony Apollo, executive director of Wyoming's Stable Token Commission, has pushed back against concerns over users' financial sovereignty. Wyoming Stablecoin Is Just a State-Issued CBDC by Another Name: Rep. Tom Emmer Apollo has maintained, for months, that FRNT is not a CBDC because it can't be issued in the same way that central banks create cash. On top of that, the state may challenge requests to seize or freeze funds, if they conflict with the state's constitutional mandates. One example: A company issuing a stablecoin could change their policies to prohibit the purchase of firearms with their token, while Wyoming wouldn't be able to do the same because of its obligation to uphold the Second Amendment, Apollo said. The stablecoin's debut came amid the Wyoming Blockchain Symposium, an invite-only event at Four Seasons Resort and Residences Jackson Hole in Teton Village, where U.S. Securities and Exchange Commission Chair Paul Atkins is expected to speak. FRNT was built using LayerZero's Omnichain Fungible Token (OFT) standard, which also powers PayPal's PYUSD stablecoin. Tokens issued under the standard can theoretically exist on over 110 blockchains that LayerZero supports. A constitutionally-protected asset may not mean much to someone purchasing a cup of coffee in New York, but it could matter to people overseas who face high inflation or authoritative governments, LayerZero co-founder and CEO Bryan Pellengrino told Decrypt. Not long ago, it was unclear whether something like FRNT would even be allowed in the U.S., he said, pointing to the regulatory scrutiny that followed the $40 billion collapse of Terra's ecosystem in 2022—marked by the meltdown of its TerraUSD (UST) algorithmic stablecoin. 'It's a crazy bellwether for the industry that I'm not sure people fully recognize,' he said, referring to FRNT's debut. 'Just a couple of years ago, all that people were talking about is that stablecoins are going to be banned.'
