The Wyoming Stable Token Commission has announced that the Frontier Stable Token (FRNT), recognized as the first state-issued stable token in the United States, will soon be integrated with Hedera, a reputable public network known for its governance by leading global institutions. This decision was made during the Commission’s recent meeting, where Hedera was selected based on its rigorous performance in areas such as speed, reliability, and regulatory compliance.
Created under the Wyoming Stable Token Act of 2023, FRNT is fully backed by U.S. dollars and short-term Treasuries, featuring an additional two percent reserve aimed at ensuring its stability. The token’s primary objective is to highlight the potential of digital assets to enhance public finance systems, enabling faster, more transparent, and efficient payment processes. Moreover, the interest accrued from Treasury purchases linked to the FRNT initiative will be allocated to Wyoming’s School Foundation Program, bolstering educational funding across the state.
Anthony Apollo, Executive Director of the Wyoming Stable Token Commission, emphasized the intent behind FRNT, stating, “Our goal with FRNT is to set a new standard for how states leverage digital assets to better serve the public.” Hedera’s selection was primarily due to its alignment with the Commission’s commitment to security and compliance.
Hedera distinguishes itself by providing essential features for modern payment systems, including quick settlement times, predictable costs, and a trusted governance structure. The platform enables transaction finalization in mere seconds and maintains low, fixed fees, making it versatile enough for various applications, such as retail transactions, tax refunds, and immediate disaster relief efforts. Its carbon-negative footprint and capacity to process up to 10,000 transactions per second ensure that it meets the needs of real-world financial operations while promoting sustainability.
Mance Harmon, Co-Founder of Hedera and Chairman of the Hedera Council, remarked on the significance of this partnership, noting, “Hedera is already trusted by governments and enterprises moving from pilots to real-world adoption. Wyoming’s selection of Hedera shows how responsible innovation can deliver real-world financial solutions, setting a precedent for other states and, ultimately, the world to follow.”
Pilot programs for FRNT have begun in various sectors, focusing on areas such as contractor payments and emergency disbursements. Details on how to acquire FRNT on the Hedera platform will be released soon.
Established in March 2023 under the Wyoming Stable Token Act, the Wyoming Stable Token Commission is responsible for issuing fully-backed stable tokens that comply with state laws and prioritize fiscal responsibility. Its overarching mission is to enhance financial transparency and stimulate economic growth through blockchain innovation. More information about the Commission can be found on its official website.
