Wyoming Adopts Chainlink Proof of Reserve for FRNT Stablecoin Transparency
The Wyoming Stable Token Commission has adopted Chainlink's Proof of Reserve technology to verify the assets backing its FRNT stablecoin. This move aims to set a new standard for digital asset transparency in the United States, exceeding the requirements of the GENIUS Act.
FRNT is the first fully reserved, fiat-backed stablecoin issued by a US public entity, and this integration will provide real-time verification of its reserves onchain. The Network Firm will examine FRNT's reserves and total token supply under AICPA standards, while Chainlink Proof of Reserve will make the verified information available onchain in almost real time.
The Wyoming Stable Token Commission plans to add Chainlink's Secure Mint feature to FRNT, ensuring that new tokens are only minted when sufficient reserves are available. This adds another layer of protection for FRNT and prevents it from being minted without sufficient backing.