Wyoming issues first USA stablecoin built on Hedera

Wyoming has launched the state’s first Frontier Stable Token (FRNT), the first U.S. state-issued stable token, built on Hedera.

As per the press release tokens have been minted on the Hedera EVM, as announced in the Wyoming Stable Token Commission’s attestation report during its monthly commission meeting.

FRNT marks a milestone for digital asset innovation in the United States. FRNT is designed to support faster, more efficient value transfer while maintaining the transparency and accountability expected of a public-sector issued asset.

“At the core of all this is trust,” said Mance Harmon, Co-Founder of Hedera. “Hedera technology provides the reliable foundation regulated industries need to innovate with confidence and reimagine how payments move across networks and borders.”

Hedera is built to support payments applications with consistent performance, low and predictable fees, and enterprise-grade security. As stablecoins move towards real-world adoption, the underlying infrastructure must meet the standards required by regulated issuers, financial institutions, and payment providers.

“Hedera has emerged as a leader in real-world asset innovation, with the governance and performance needed for regulated use cases,” said Anthony Apollo, Wyoming Stable Token Commission Executive Director. “The launch of FRNT on Hedera highlights the role Hedera can play as a trusted network for digital payments.”

Kamal Youssefi, President of The Hashgraph Associates spoke to Lara on the Block and noted, ” The Wyoming FRNT state issued stablecoin, a first in the USA is a testament to the growth of stablecoin usage not only in the country but also globally. This is a significant move especially close to the finalization of the clarity act. Once again Hedera is the DLT network of choice for both governmental and enterprise entities who place security, reliability and efficiency as integral to their strategic implementations and digital asset solutions.”

FRNT is available on Kraken, a Wyoming-based cryptocurrency exchange. Fireblocks underpins FRNT’s issuance and operations, and LayerZero supports cross-chain interoperability across networks. Users can purchase FRNT on supported networks and transfer it to other blockchains using the Stargate platform.

The Wyoming Stable Token Commission selected Franklin Templeton to manage the token’s reserves, with affiliate Fiduciary Trust Company International serving as custodian.

The Hashgraph Association has been working with Hedera members on various use cases across the Middle East including the introduction of Hedera Stablecoin studio, a customizable and modular toolkit for issuing stablecoins on Hedera with fixed fees, high throughput, and real-time settlement.