Wyoming Launches First State-Backed Stablecoin on Seven Blockchains (theblock.co)
- Reference: 0178769534
- News link: https://news.slashdot.org/story/25/08/19/1844245/wyoming-launches-first-state-backed-stablecoin-on-seven-blockchains
- Source link: https://www.theblock.co/post/367459/wyoming-launches-first-state-backed-stablecoin-on-seven-blockchains
> After years of research, the Wyoming Stable Token Commission has [1]unveiled the mainnet launch of its first official state-backed stablecoin . The so-called Frontier Stable Token (FRNT), marking the first time a U.S. state has issued a blockchain-based, fiat-pegged token meant to be used by retail and enterprises alike, according to an announcement on Tuesday.
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> "FRNT is designed to provide secure, transparent, and efficient digital transactions for individuals, businesses, and institutions -- worldwide," the commission wrote in a statement. "This groundbreaking initiative cements Wyoming at the forefront of digital finance and blockchain innovation."
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> Indeed, the Cowboy State has long been ahead of the curve when it comes to crypto regulation, including in recognizing DAOs as legal entities, creating a framework for "crypto-banks" under the Special Purpose Depository Institutions charter, and passing the state's Stable Token Act -- all meant to draw economic activity to the region.
[1] https://www.theblock.co/post/367459/wyoming-launches-first-state-backed-stablecoin-on-seven-blockchains
Ahead, or behind? (Score:2)
"the Cowboy State has long been ahead of the curve when it comes to crypto regulation"
The curve of what? The steam roller?
Use cases? (Score:1)
I'm seeing limited use case for this. But at least it's pegged to a stable major currency and it's backed by a government (so the peg isn't likely to be lost in a rug-pull).
International transactions?
Transactions when the banks are closed?
Transactions where your "normal" banking/money-transfer fees would be higher than the fee/cost of using this particular stablecoin at the particular moment of the transaction?
Transactions where one or both parties want to be known as "crypto-friendly"?
Re: (Score:2)
Use case is drugs, money laundering and CSA trafficking as per every other cryptocurrency.
Didn't the US do this already? (Score:5, Insightful)
Like, over 200 years ago, sort out that individual state issues coinage was bad? Oh right I'm sorry all the old ideas that are bad are good again because history is fake and illiteracy is good. I'd communicate my apology in grunts and hand gestures, fortunately I'm already safe due to the whole illiteracy thing.
Re: (Score:2)
Great example. I was thinking more the legalised Ponzi and Pyramid scheme angle. Either way, it’s a stupid idea.
colossal waste of state resources (Score:5, Insightful)
The notion that a government agency, with workers paid by tax dollars are involved in this should be abhorrent to a real conservative. It's just more proof the GOP is a Trump cult. [1]https://stabletoken.wyo.gov/ [wyo.gov]
The group also lies - the State page shows "Backed by $USD". That is untrue. Stable coins are pegged to the dollar, not backed by the dollar. If FRNT tanks, you lose money.
[1] https://stabletoken.wyo.gov/
Re: (Score:2)
Looking forward to it.
I think I know why... (Score:2)
Beyond giving an excuse to burn excess coal, Wyoming is a hotbed of pedophilia and illegal drugs, and cash is just too inconvenient.
Reasoning? (Score:2)
Why is it when governments get involved in crypto, they never give a good reason to do so?
Some people believe science is magic. They think that you do something, anything, involved with 'science' that it suddenly becomes profitable. It doesn't work that way.
Science teaches you how to do things. Then you can do that thing - and only that thing. It is not magic. It does not somehow make a profit for no reason.
You want to make a profit? Make a plan. Find a need and fulfill it with something you do bett
Coal (Score:2)
Wyoming is, by far, the biggest coal mining state.
So promoting crypto makes sense.
Re: (Score:2)
> So promoting crypto makes sense.
Was CoalCoin already taken? /s
I really don't understand what problem this is supposed to solve for the average person. Stablecoins made sense for crypto exchanges wanting to avoid the regulatory hassle of dealing with real US dollars, since then all their trades are just between various forms of magic internet money. Outside of that use case though, they mostly seem like a way of adding additional complexity to paying for goods and services. At least with the non-stable form of cryptocurrency you can pla