PANews reported on June 16th that, according to Bloomberg, Wyoming has officially launched the Frontier Stable Token (FRNT), pegged 1:1 to the US dollar, becoming the first state in the U.S. to issue a state-level stablecoin. Currently, approximately 1 million tokens are in circulation. The token is operated by the state's Stablecoin Board, with reserves in cash and U.S. Treasury bonds. The goal is to fund local public schools with Treasury bond interest after covering development costs and establishing a 2% reserve. Kraken is already providing trading and custody services for FRNT, and approximately 20 states and several overseas territories are in talks with Wyoming regarding white-label technology partnerships. Supporters hope FRNT will become a cross-state and even international settlement tool, while critics question its commercial viability and impact on the traditional banking system.