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Wyoming Introduces the Frontier Stable Token on Hedera Network
Key Points:* Wyoming introduces Frontier Stable Token on Hedera network.
Wyoming Pioneers State-Issued Stablecoin with Frontier Token
The Wyoming Stable Token Commission, led by Anthony Apollo, recently introduced the Frontier Stable Token (FRNT) on the Hedera network. Developed under the 2023 Wyoming Stable Token Act, FRNT is the first state-issued stablecoin, fully backed by US dollars and short-term Treasury securities. Wyoming selected Hedera for its security and compliance features aligned with the state’s standards.
Hedera’s inclusion as a blockchain for FRNT sets a new standard for state digital currencies. The token provides stability beyond backing staples, with an additional 2% reserve. The move aims to integrate cutting-edge technologies into state finance systems.
Market reactions were positive, with Hedera’s token (HBAR) experiencing a 1.1% price increase. Anthony Apollo stated, “Our goal with FRNT is to set a new standard for how states leverage digital assets.” The ongoing application on various blockchains underscores its growing adoption.
Historic First for U.S. as Wyoming Innovates Financial Tools
Did you know? The introduction of FRNT marks a pioneering step in the US, as Wyoming becomes the first state to issue its own stablecoin, diversifying state financial tools and embracing digital currencies.
Hedera (HBAR) shows a market cap of $9.08 billion according to CoinMarketCap, with a recent trading volume of $246.13 million. Despite a short-term price reduction, Hedera reflects a notable 34.63% growth over the past 60 days.
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