Latest news with #WyomingStableTokenCommission
Finextra
a day ago
- Business
- Finextra
Wyoming launches stablecoin
The US state of Wyoming has launched its own US dollar-pegged stablecoin that can be used for real-world payments. 0 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.'
Gizmodo
2 days ago
- Business
- Gizmodo
Wyoming Launches the First State-Issued Stablecoin
Wyoming just became the first U.S. state to launch its own stablecoin, promising lower fees and instant transactions. The Wyoming Stable Token Commission, created in 2023, announced on Tuesday the launch of the mainnet blockchain network for its new Frontier Stable Token (FRNT). The commission says FRNT will make digital payments faster and more secure for individuals, businesses, and institutions around the world. How that's different from any other stablecoin's promises is anyone's guess. 'For years, Wyoming has been the leading state on blockchain, cryptocurrency, and digital asset regulation, passing over 45 pieces of legislation since 2016,' Governor Mark Gordon said in a press release. 'Today, Wyoming reaffirms its commitment to financial innovation and consumer protection.' This is the latest in the state's efforts to become a crypto hub. The launch of the stablecoin—a cryptocurrency meant to maintain a stable value by being tied to a fiat currency or commodity—coincides with the Wyoming Blockchain Symposium conference in Jackson Hole. The move also comes just a month after President Donald Trump signed the Genius Act into law, introducing federal rules for stablecoins. The law requires issuers to fully back their coins with liquid assets like U.S. dollars or short-term Treasury bills and to publish monthly disclosures of their reserves. However, FRNT isn't covered by the Genius Act, which applies to businesses, not government-issued tokens. Still, the token will be fully backed by U.S. dollars and short-duration Treasuries, held in trust for token holders. Wyoming law also requires FRNT to maintain 2% overcollateralization to strengthen its stability. Interest generated by the reserves will be sent to Wyoming's School Foundation Fund. The commission is working with LayerZero to issue FRNT, which will be available across multiple blockchains, including Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, and Solana. The token will be available initially in the coming days on Solana via Wyoming-domiciled digital asset exchange Kraken and through Rain's Visa-integrated card platform on Avalanche. 'Through Rain's stablecoin infrastructure, FRNT will be usable anywhere Visa is accepted—including Apple Pay, Google Pay, and physical cards—marking a historic first for a U.S. state-issued digital asset,' Rain said in a press release. In a blog post, Avalanche said that the stablecoin could someday enable instant tax refunds, real-time disaster relief, and payroll systems that settle in seconds. It remains to be seen whether these big promises will actually be fulfilled. Meanwhile, other states like Texas and Nebraska are also looking to get into the stablecoin game.
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.'
Bloomberg
2 days ago
- Business
- Bloomberg
Wyoming Becomes the First to Launch a State-Issued Stablecoin
Wyoming launched its long-promised stablecoin, designed to offer instant transactions and reduced fees for consumers and businesses, in the latest effort by the Cowboy State to attract digital asset businesses. The Frontier Stable Token, or FRNT, will be backed by dollars and short-term Treasuries and is meant to track the value of the US currency one-for-one. The Wyoming Stable Token Commission is working with LayerZero to issue the tokens and plans for the coins to be overcollateralized by 2%. The reserves backing FRNT are managed by Franklin Advisers with financial audit and monthly attestations provided by The Network Firm. The stablecoin will be available on the the Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon and Solana blockchains.
Yahoo
18-07-2025
- Business
- Yahoo
Wyoming Tests Instant Payments with State-Issued Stablecoin on Avalanche-Based Hashfire
Wyoming state teamed up with blockhain startup Hashfire to test how its upcoming U.S. dollar stablecoin, the Wyoming Stable Token (WYST), could be used for real-time payments for government contractors. The pilot, which took place on Thursday, aimed to demonstrate an automated vendor agreement approval and an instant, on-chain payment using WYST through Hashfire's Document Authentication Protocol, bypassing the state's typical 45-day payment window. The protocol, built on a custom Avalanche blockchain using AvaCloud's infrastructure, allows governments and enterprises to embed approval processes, compliance rules and payment instructions directly into smart contracts. The parties said they plan broader implementation of blockchain-based payouts with WYST later this quarter. The test occurred as Wyoming, known for its forward stance on blockchain legislation, is preparing to roll out its U.S. dollar-backed token with U.S. stablecoin regulations forthcoming. The state created the Wyoming Stable Token Commission in 2023 to develop and issue WYST and oversee its integration into public finance. The token, still in test phase, was slated to launch as soon as July, the commission said earlier this in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
