Gov. Mark Gordon on state-issued Frontier stablecoin token: Designed system to be reliable

Stablecoin Launch & Features - Wyoming launched the Frontier Stable Token, the first dollar-backed, fully reserved stablecoin issued by a public entity [2] - The Frontier Stable Token is available on Arbitrum, Avalanche, Base, Ethereum, Optimism, Polon, and Solana [3] - The stablecoin is issued and redeemed at par, meaning $1 buys and retrieves $1 worth of the token [5] - It has a 2% overage to ensure stability and reliability [5] - Reserves backing the stablecoin are short-term treasuries and repos, ensuring it can meet redemption requirements [5] Wyoming's Strategy & Economic Impact - Wyoming aims to be a leader in digital technology, building on its history of being first in LLCs, speedy bank special purpose depository institutions, and DAOs [6][7] - The state believes there is demand for a 100% dollar-backed and reserved stablecoin with open reserves [8] - Wyoming anticipates economic growth from this initiative, attracting data centers, AI, and crypto mining [10][11] - The state exports 12 times the amount of energy it imports [10] - Interest earned from the short-term treasuries backing the stablecoin will support education in Wyoming [8] Regulatory & Banking Implications - Wyoming designed the stablecoin to be viable under any regulatory scheme, leveraging state sovereignty [9][10] - The state intends for banks in Wyoming to use the stablecoin for settlement, reducing transaction costs and enabling instantaneous transactions [11][12] - The Frontier Stable Token is intended to have the same uses as cash and be a valuable asset for banks operating in Wyoming [12]