Wyoming issues state-level stablecoin FRNT with a circulation of 1 million tokens

According to Bloomberg, the U.S. state of Wyoming has officially issued the Frontier Stable Token (FRNT), pegged 1:1 to the U.S. dollar, becoming the first state in the nation to launch a state-level stablecoin. The current circulation is approximately 1 million tokens. The token is operated by the State Stablecoin Commission and backed by cash and U.S. Treasury bonds, with the goal of using Treasury bond interest to fund local public schools. A certain exchange provides trading and custody services for FRNT, and about 20 states along with several overseas territories are negotiating technical white-label cooperation with Wyoming.