Wyoming’s Frontier Stable Token (FRNT) is now available to the public, marking the first state-issued stablecoin in the United States. The Wyoming Stable Token Commission selected Franklin Templeton to manage the token’s reserves, with its subsidiary Fiduciary Trust Company International serving as custodian.
Franklin Templeton, which manages more than $1.6 trillion in assets, brings expertise in traditional finance and digital assets to the partnership. While the company has significant blockchain experience, having launched the first tokenized money market fund issued by an incumbent asset manager and operating nodes on multiple blockchain networks, its role for FRNT focuses on conventional reserve management. The firm’s fixed income division oversees reserves invested in U.S. dollars and short-duration U.S. Treasury bonds.
While the commission initially announced that FRNT would launch on seven blockchain networks – Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon and Solana – the token is initially only accessible through two intermediary platforms. Cryptocurrency exchange Kraken offers FRNT on the Solana blockchain, while Rain, which provides a Visa-powered card platform, supports the token on Avalanche.
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