Wyoming's FRNT Stablecoin Migrates to Chainlink for Enhanced Security
Prefer us on GoogleThe Wyoming Stablecoin Committee has migrated the state-issued Frontier stablecoin (FRNT) from LayerZero to Chainlink's Cross-Chain Interoperability Protocol (CCIP), becoming the first U.S. government entity to publicly change blockchain infrastructure for security reasons. Committee Executive Director Anthony Apollo stated that a security review revealed concerns regarding LayerZero's disclosure practices and operational security, prompting the decision to adopt CCIP to meet stringent security and reliability requirements. This decision comes four months after Kelp DAO's LayerZero cross-chain bridge was hacked for $292 million. Approximately $15 billion in assets have already migrated from LayerZero to Chainlink, including BitGo's transfer of $7.7 billion in wrapped Bitcoin earlier this month. The FRNT has a market cap of less than $1 million and operates across multiple chains, including Ethereum, Base, and Avalanche. It is the only fully-reserved fiat-backed stablecoin issued by a U.S. public entity, with reserve earnings used to support Wyoming school foundation projects.
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