Wyoming launches state-issued stable token
08 January 2025 US
Image: luzitanija/stock.adobe.com
The state of Wyoming has announced its Frontier Stable token ($FRNT) is now live, marking the launch of the inaugural state-issued stable token in the US.
$FRNT, designed under the Wyoming Stable Token Commission, is said to combine the security and oversight of state-managed reserves with the efficiency and transparency of blockchain technology.
Wyoming has selected Franklin Templeton as reserves management partner, with the company affiliate, Fiduciary Trust Company International, as custodian in a bid to ensure institutional standards.
$FRNT, due to its state-issuance, provides a greater level of public accountability, transparent oversight, and alignment with the law, in comparison to privately issued stablecoins, according to Frankie Templeton.
Wyoming Governor Mark Gordon believes the launch of $FRNT is indicative of the state’s position as a financial innovator, and harnessing such technologies could “expand access, lower costs, and strengthen public trust”.
Jenny Johnson, CEO of Franklin Templeton, adds: “Our collaboration with the state of Wyoming demonstrates what’s possible when the public and private sectors work together to create a compliant, trusted framework for digital assets.”
Executive vice president and head of innovation at Franklin Templeton, Sandy Kaul, also shared that the company was “thrilled to support this landmark programme”.
The stable token’s issuance and operations leverage LayerZero for cross-chain interoperability and Fireblocks for blockchain infrastructure.
$FRNT, designed under the Wyoming Stable Token Commission, is said to combine the security and oversight of state-managed reserves with the efficiency and transparency of blockchain technology.
Wyoming has selected Franklin Templeton as reserves management partner, with the company affiliate, Fiduciary Trust Company International, as custodian in a bid to ensure institutional standards.
$FRNT, due to its state-issuance, provides a greater level of public accountability, transparent oversight, and alignment with the law, in comparison to privately issued stablecoins, according to Frankie Templeton.
Wyoming Governor Mark Gordon believes the launch of $FRNT is indicative of the state’s position as a financial innovator, and harnessing such technologies could “expand access, lower costs, and strengthen public trust”.
Jenny Johnson, CEO of Franklin Templeton, adds: “Our collaboration with the state of Wyoming demonstrates what’s possible when the public and private sectors work together to create a compliant, trusted framework for digital assets.”
Executive vice president and head of innovation at Franklin Templeton, Sandy Kaul, also shared that the company was “thrilled to support this landmark programme”.
The stable token’s issuance and operations leverage LayerZero for cross-chain interoperability and Fireblocks for blockchain infrastructure.
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