Wyoming is known for its wide open spaces, old west cowboy culture, and for it's investment in crypto-economy. After years of work, Wyoming is launching its own cryptocurrency named the Frontier Stable Token (FRNT).
Since 2016, the Wyoming legislature has been working to create a crypto-friendly environment in the state, leading to the the first state-issued cryptocurrency in the United States. The Wyoming Stable Token Commission is the governmental entity issuing the FRNT with Governor Gordon as its Chair.
Cryptocurrency is a form of digital money that can be purchased with U.S. dollars or other traditional currencies. Instead of being tracked by banks, transactions are verified and recorded on a decentralized system called the blockchain, which acts as a public ledger.
Bitcoin is the first and most well-known cryptocurrency, created in 2009. It was originally designed to be used for online payments, but today it’s often treated as an investment, with a price that rises and falls based on market demand. Its value can swing dramatically, making it less practical for everyday transactions.
Wyoming’s Frontier Stable Token is going to be something different. Wyoming wants to keep the value of one FRNT equivalent to one U.S. dollar by backing the token with the U.S. dollar and Treasury bonds. This allows FRNT to be used in transactions without those market fluctuations in value, like market rate cryptocurrencies.