The Wyoming Stable Token Commission has selected the Hedera network as the sole additional candidate to host its Frontier Stable Token (FRNT), marking a significant expansion of the state-backed stablecoin's multichain presence. The decision, made during the commission's Q2 evaluation, adds Hedera to the existing seven networks that include Ethereum and Solana.
Key factors influencing the selection included Hedera's compliance-ready governance model, transaction speed, and reliability, which met the commission's stringent operational criteria. Hedera boasts the ability to handle 10,000 transactions per second with low fees and fast settlement times.
FRNT, conceived under the 2023 Wyoming Stable Token Act, differs fundamentally from privately issued stablecoins. It is fully backed by U.S. dollars and short-term Treasuries with an additional 2% reserve for stability. The stablecoin aims to modernize the state's financial infrastructure, recapturing value lost to intermediary fees and bureaucratic delays. A portion of interest earned on reserves is legislated to fund Wyoming's School Foundation Program.
Anthony Apollo, Executive Director of the Wyoming Stable Token Commission, stated: "Our goal with FRNT is to set a new standard for how states leverage digital assets to better serve the public. The Commission selected Hedera for candidacy because its technical edge aligns with our commitment to security and compliance."
Mance Harmon, Co-Founder of Hedera and Chairman of Hedera Council, added: "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."
FRNT has been piloted for specific government functions including disbursing payments to state contractors, managing emergency relief funds, and potentially streamlining public payroll systems. However, regulatory hurdles currently prevent public accessibility of the token.
