Wyoming, the western American state, has launched its own U.S. dollar-backed %Stablecoin.
The %Frontier Stable Token (CRYPTO: $FRNT) claims to be the first fully reserved stablecoin in the U.S. issued by a government.
“The Frontier Stable Token will empower our citizens and businesses with a modern, efficient, and secure means of transacting in the digital age,” said Wyoming Governor Mark Gordon in a written statement.
The stablecoin is now available on multiple %Blockchains, including %Ethereum (CRYPTO: $ETH) and %Solana (CRYPTO: $SOL).
Stablecoins are cryptocurrencies whose value is tied to another asset, typically the U.S. dollar or price of gold.
The Wyoming token is backed by U.S. dollars and short-duration U.S. treasuries held in trust, according to the government’s statement.
The stablecoin launch coincided with the Wyoming Blockchain Symposium conference held in Jackson Hole, Wyoming this week that is happening alongside the U.S. Federal Reserve’s summer retreat.
Stablecoins are exploding in popularity following lawmakers in Washington, D.C. enacting federal laws with the GENIUS Act to regulate the fast-growing sector and stablecoin issuers.
The stablecoin market is currently valued at $260 billion U.S., but some analysts forecast it will reach $1 trillion U.S. by 2030.
Wyoming is known for being proactive on blockchain and crypto, and created the Wyoming Stable Token Commission in 2023 to develop and issue U.S. dollar-backed tokens.
