Wyoming Bolsters FRNT Stablecoin with Chainlink Reserve Verification
The state of Wyoming has taken another step in its efforts to provide transparency and trust in its FRNT stablecoin by implementing Chainlink's Proof of Reserve technology.
This move will allow users to access verified on-chain data about the assets supporting FRNT with minimal delay, giving them a better understanding of the token's reserves and circulating supply.
The Wyoming Stable Token Commission selected Chainlink's Proof of Reserve technology to put verified data on FRNT's reserves and circulating supply on-chain. The Network Firm will independently examine the figures before transmitting the data through Chainlink infrastructure.
Chainlink is also incorporating its Secure Mint feature, which would prevent the creation of new FRNT unless verified reserves are equal to or greater than the token's total supply.