Wyoming Puts Stablecoin Reserves On-Chain with Chainlink Integration

Wyoming's state-backed stablecoin, FRNT, has taken another step towards transparency. The Wyoming Stable Token Commission has adopted Chainlink's Proof of Reserve for FRNT, which will publish verified reserve data on-chain.

This integration will allow developers to access the latest information on FRNT's reserves and circulating supply in near real-time. While this is an improvement over the current daily reserve reporting, it's essential to note that Chainlink does not independently inspect the bank accounts or custody records behind the reserve figures.

The Wyoming Stable Token Commission has also announced plans to activate Secure Mint, a safeguard that would block minting when reported backing becomes insufficient for new issuance. However, this feature is still in the process of being adopted and does not yet have an activation date or contract address.