Hedera, a high-performance blockchain, has been added to the list of blockchains utilized for Wyoming’s stablecoin – the Frontier Stable Token (FRNT). This is the first state-issued payment stablecoin, which is managed by the Wyoming Stable Token Commission (WYST). Hedera was said to be the only additional blockchain added after WYST’s second quarter evaluation.
Anthony Apollo, Executive Director of the Wyoming Stable Token Commission, commented on the inclusion of Hedera:
“Our goal with FRNT is to set a new standard for how states leverage digital assets to better serve the public. The Commission selected Hedera for candidacy because its technical edge aligns with our commitment to security and compliance.”
Mance Harmon, Co-Founder of Hedera and Chairman of Hedera Council, added that they have already been tested by other government entities as well as institutions.
“Wyoming’s selection of Hedera shows how responsible innovation can deliver real-world financial solutions, setting a precedent for other states and, ultimately, the world to follow.”
Hedera touts its performance as enabling transactions in seconds with low fees and trusted governance. The network is said to be able to handle 10,000 transactions per second.
Wyoming is expected to benefit from its payment stablecoin to pay vendors and employees with immediate settlement and high security.