Wyoming’s FRNT stablecoin goes live on Hedera

Wyoming steps onto the digital stage, dropping America’s first-ever state-issued stablecoin, Frontier Stable Token, or FRNT.

And that’s not all. The token’s expanding to the Hedera blockchain.

Under the microscope

Now, before this announcement , Hedera’s price was taking a little nap at about $0.21.

But once Wyoming flashed the green light, Hedera bounced back up, not a massive leap, but enough to flex some muscle and snap out of a downward slide.

A modest 1.1% rebound, but hey, in crypto-town, every little bit counts.

Now, Wyoming didn’t just pick Hedera because it looked cool. Nah, this decision came after the Wyoming Stable Token Commission put Hedera under the microscope in a tough Q2 review.

They looked at performance, fast and reliable, governance, tight as a drum, and regulatory compliance, like a well-dressed mobster at a family reunion. Hedera checked all the boxes for public finance uses.

New standard for states using crypto

Also, FRNT itself is no ordinary token. This baby’s the first U.S. state-issued stablecoin, baked fresh under Wyoming’s Stable Token Act of 2023. Fully backed by good ol’ US dollars and short-term Treasuries, with an extra reserve for stability, because even in the mean streets of crypto, you gotta play it safe. It’s like having your crew backed by not just muscle but a deep pocket, too.

Anthony Apollo, the big guy at WYST, put it straight, Hedera’s technical chops and trustworthiness made it the only extra chain fit for FRNT’s mission.

And let me tell you, Hedera’s governance? It’s headed by a council packed with global heavy hitters, IBM, Google, even the UK Civil Aviation Authority. These are the pros running the show.

While FRNT is already hanging out on Ethereum, Solana, Arbitrum, Avalanche, Polygon, Optimism, and Base, Wyoming and Hedera say the rollout is still in baby steps.

No buying FRNT just yet, it’s more like the VIP lounge is still getting ready. But the promise is clear, they want to set a new standard for states using crypto assets in public finance.

Stay ahead in the crypto world – follow us on X for the latest updates, insights, and trends!🚀

Real-world application

Wyoming’s vision goes beyond just making a pretty crypto coin.

Money earned from Treasury holdings feeds right into Wyoming’s school funding, talk about mixing innovation with community care.

They’ve tested FRNT in real-world stuff like contractor payments and emergency funds. It’s a working model.

So, Wyoming’s FRNT stablecoin, backed by real US cash, is stepping up with Hedera’s blockchain muscle.

Experts call it a solid, cautious, and smart move, less flashy hype, more business savvy.