The state of Wyoming announced the launch of its first state stablecoin, FRNT, traded on the Kraken platform and operating on the Solana network.

It is a stablecoin backed by US dollars and short-term Treasury bonds, compatible with other EVM-based blockchain ecosystems.

It was revealed that the reserves of this stablecoin, the first state stablecoin in the United States, will be managed by Franklin Templeton and held in custody by Fiduciary Trust Company International.

The token, designed under the guidance of the Wyoming Stable Token Commission, “uses LayerZero to interoperate with multiple blockchain networks, of course under the supervision of a local government entity.”

According to the Wyoming Stable Token Commission, “FRNT seeks to combine the security and oversight of state-managed reserves with the operational efficiency and transparency offered by blockchain technology.”

M.Pino

Source: diariobitcoin

(Reference image source: GuerrillaBuzz on Unsplash)

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