Wyoming, USA issues state stablecoin FRNT with a circulation scale of 1 million coins

According to Bloomberg, Wyoming in the United States has officially issued the Frontier Stable Token (FRNT), which is pegged 1:1 to the US dollar, becoming the first state in the country to issue a state-level stablecoin. Currently, there are approximately one million circulating tokens. The currency is operated by the State Stable Currency Commission, with cash and US treasury bond bonds as reserves. The goal is to provide funds for local public schools at the interest rate of treasury bond. Kraken provides trading and custody services for FRNT, and approximately 20 states and multiple overseas territories are in talks with Wyoming for technology white label cooperation.