Wyoming Adds Chainlink's Reserve Verification Feature to State-Issued Stablecoin

Wyoming Introduces On-Chain Audit Functionality Provided by Chainlink

The state of Wyoming has introduced a new on-chain audit functionality provided by Chainlink to enhance the transparency of its own stablecoin, the Frontier Stable Token (FRNT).

According to the Wyoming Stablecoin Committee, by adopting Chainlink's Proof of Reserve, a system will be established to publicly disclose the status of backing assets and issuance amounts on-chain in almost real-time. The numerical data will be provided to Chainlink's network after undergoing independent pre-verification by The Network Firm, one of the largest CPA firms specializing in cryptocurrency in the United States.

Under state law (GENIUS Act), daily proofs and monthly reports have been disclosed traditionally, but with this new system, fluctuations in assets during reporting gaps can now be visualized. Furthermore, the introduction of the Secure Mint feature, which automatically limits new issuance as long as verified reserves do not exceed the total supply, is also underway, providing safeguards against over-issuance.

FRNT is a token that was created in January of this year, backed by US dollars and short-term US Treasury bonds, with the interest revenue generated planned to be allocated to the state's educational support fund, the School Foundation Program.

Additionally, prior to this, the state completed the transition of FRNT's cross-chain infrastructure from LayerZero to Chainlink's "CCIP."

Acceleration of Utilization in Financial Institutions and Cryptocurrency Markets

Chainlink is rapidly expanding its connections with major financial infrastructures beyond the cryptocurrency domain.

Coinbase:
Provides price data for major US IT stocks for tokenized stock B-20 deployed on Base, utilized for collateral evaluation in DeFi.
Collaboration with Traditional Financial Institutions:
Adoption by DTCC (Depository Trust & Clearing Corporation) for a 24/7 tokenized collateral management infrastructure, and data collaboration in tokenized liquidity funds by Fidelity International and Sygnum (with JPMorgan providing NAV).
International Payment Demonstration:
Participating in "Project Pangea," led by a group of banks in Europe and South Korea, to validate instant foreign exchange settlements using compliant stablecoins.

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