rnt

On September 2, the Wyoming Stable Token Committee announced the adoption of Chainlink Proof of Reserve as the exclusive on-chain reserve verification layer for the Frontier Stable Token (FRNT), with reserves and supply balances audited by The Network Firm published to on-chain readable feeds. The current scale available for verification is not large: according to CoinGecko data, the total supply of FRNT is 967,900 tokens, with a unit price of approximately $0.99884, which only accounts for about 0.2% of the base scenario estimate (508.7 million tokens) submitted by the committee to the state legislature's budget meeting materials; the 24-hour trading volume is $160, all occurring on Kraken.The announcement separates the two products, with only Proof of Reserve currently online. The Proof of Reserve Secure Mint component, which programmatically prevents minting when reserves cannot cover total supply, is said by the committee to still be in the "adoption process." The committee previously published daily proofs on its official website, and this adjustment changes the method of data delivery rather than the update frequency. Committee Executive Director Anthony Apollo stated that adopting Chainlink's reserve proof provides transparent and verifiable confirmation that FRNT is fully backed by high-quality reserve assets; Chainlink Labs Chief Business Officer Johann Eid remarked that this demonstrates that governments can utilize the Chainlink platform to put trustworthy, fully verifiable on-chain financial infrastructure into production.

According to The Block, the Wyoming Stablecoin Committee announced the adoption of Chainlink Proof of Reserve to provide near real-time on-chain reserve verification for the state’s official stablecoin, Frontier Stable Token (FRNT). This follows the migration of cross-chain infrastructure from LayerZero to Chainlink CCIP, further establishing it as the sole on-chain asset verification infrastructure.The auditing firm The Network Firm will review the reserves and token supply of FRNT according to the standards of the American Institute of Certified Public Accountants (AICPA). The verification data will be recorded on-chain via Chainlink, reducing information gaps between reporting periods.The committee will also introduce the Chainlink Proof of Reserve Secure Mint mechanism, requiring that verified reserves must be no less than the total supply of FRNT for any minting to occur, in order to prevent risks associated with "unlimited minting." FRNT is fully backed by reserves of U.S. dollars and short-term U.S. Treasury securities, with related earnings used to diversify state finances and support local education funds.

The Wyoming Stablecoin Committee has migrated its issued Frontier Stable Token (FRNT) from LayerZero to Chainlink's cross-chain interoperability protocol CCIP, and will completely discontinue the LayerZero token implementation after completing a comprehensive security review. CCIP will serve as the sole cross-chain infrastructure for FRNT under a multi-year contract. This is the first time a U.S. government entity has publicly changed blockchain infrastructure for security reasons, and FRNT is currently the only stablecoin issued by a U.S. public institution, fully backed by fiat reserves, with reserve earnings used to support the state's school foundation projects. The token has been deployed on chains such as Ethereum, Base, and Avalanche, with a current market cap of less than $1 million.This decision was announced four months after the Kelp DAO bridge based on LayerZero was attacked, resulting in the theft of approximately 116,500 rsETH (worth about $292 million at the time), an incident that triggered a wave of industry security reviews and migrations. To date, nearly $15 billion in related assets have migrated from LayerZero to Chainlink, with early movers including Kelp, Solv Protocol, Re, and Kraken. Subsequently, BitGo chose CCIP and completed a migration of approximately $7.7 billion in wrapped Bitcoin, bringing the total to the current level. According to a case study by LayerZero in January of this year, Wyoming had previously operated its own decentralized validation network and controlled validation and compliance functions.

According to the official social media disclosure from the Wyoming Stable Token Commission, Wyoming has opened the purchase of the stablecoin FRNT to the public through the cryptocurrency exchange Kraken.FRNT is the first fiat-backed and fully reserved stablecoin issued by a public entity in the United States, with the interest generated from the reserves being used to support school projects in Wyoming.

According to market news, the Wyoming Stablecoin Committee has launched the testnet "faucet" for the Frontier Stable Token (FRNT). Anyone with a digital wallet can now connect to their website and choose from one of the 8 testnets.After that, up to 1,000 "tFRNT" tokens can be requested to their public address every 24 hours. tFRNT is not backed by any reserves; it is simply a token on the testnet (i.e., development) blockchain, designed to "simulate the deployment of smart contracts on its supported 7 mainnet blockchains." Previously, it was reported that the Wyoming stablecoin FRNT has not been available for purchase since its mainnet launch last month.

ChainCatcher news, the Wyoming Stable Token Commission (WYST) announced that the first state-issued stablecoin, Frontier Stable Token (FRNT), will soon be launched on the trusted public network Hedera.FRNT is created under the 2023 Wyoming Stable Token Act and is the first state-issued stablecoin in the United States. It is fully backed by US dollars and short-term US Treasury securities, with an additional 2% reserve held to ensure stability.

ChainCatcher news, encrypted journalist Eleanor Terrett posted on social media that Wyoming has officially launched the Frontier Stable Token (FRNT), becoming the first state in the U.S. to issue its own stablecoin.FRNT is backed by the U.S. dollar and short-term government bonds, and is currently live on seven blockchains: Ethereum, Solana, Arbitrum, Avalanche, Polygon, Optimism, and Base.However, due to ongoing regulatory hurdles, the token is not yet available to the public.

ChainCatcher news, according to Lookonchain monitoring, a certain MEV bot has earned 250,000 SOL (approximately 34 million USD) in 2 months, with all profits transferred to the wallet address starting with 9973hW.It is reported that the bot earned 1 million USD on RNT, 617,300 USD on TOPG, and 403,500 USD on MOTHER.

ChainCatcher news, Tesla CEO Elon Musk posted on social media that Dogecoin can be used to purchase the perfume "Burnt Hair." It is reported that the perfume is launched by Elon Musk's infrastructure company The Boring Company, priced at $100. (Source link)