After years of research, the Wyoming Stable Token Commission has unveiled the mainnet launch of its first official state-backed stablecoin. The so-called Frontier Stable Token (FRNT), marking the first time a U.S. state has issued a blockchain-based, fiat-pegged token meant to be used by retail and enterprises alike, according to an announcement on Tuesday.
What is even the point of a stable coin like this. It’s literally pegged to the dollar. It’s a worthless exercise from a worthless state
Electronic payments without visa and MasterCard maybe?
It’s a foundation for future bullshit. I’m sure.
proving once again nothing good comes out of wyoming
It’s no coincidence its name starts with “Why?”.
So, Wyoming, home of Jackson Hole, where all the “federal” reserve chairs meet, who have been wanting to supplant the dollar with their own central bank digital currency, was the first state to implement a “stable” coin? Can’t say I’m surprised.
Now wait a minute, Yellowstone National Park is partly in that state. Also a lot of other great state parks. So something good comes from there.
It’s funny how this might seem like Wyoming being super modern and progressive. When it’s really tip of the spear libertarian bullshit.
The problem here is whatever value the US dollar has, it is decreased by the participation of Wyoming, so why would I want to trade US dollars for a currency hinged only on the negative liabilities the US dollar has?
I guess this coin is for those committed to the blooming collapse of the rural US, who cares if it goes belly up if the landscape you live in is so existentially screwed for water, healthcare and livable housing that money won’t be of any use when shit hits the fan anyways.
How The Mooching Works
In that vein, understanding Wyoming’s finances is important for us to become educated voters.
Wyoming is a very unique state because it figured out a long time ago how to make people from out of state pay our essential taxes. In other words, we mooch off of other taxpayers to pay our bills.
Here’s how the mooching works. According to a 2022 analyis by the Wyoming Economic Analysis Division, a three-person family with an income of $68,000 and owning a home with a value of $320,000 pays about $4,340 in taxes, including sales tax, fuel tax, tobacco tax, alcohol taxes, vehicle registration and property taxes.
That same family recieves about $23,900 in local and state government services.
…
Some politicians are running around and saying Wyoming should just stop taking federal funds. The obvious question, when faced with the above numbers, is how are you going to replace $3 billion per year when the state stops taking that money?
Before one answers that we don’t need those funds, it might be prudent to see where the state of Wyoming spends those federal dollars.
Remember, some of the funds are direct federal payments that are labeled “federal funds” in the graph above. The federal mineral royalties are included in the “general fund” as well as “other funds,” which are appropriated differently.
Combined, the “federal funds” and “other funds” contributions equal 31% of the state’s budget.
https://cowboystatedaily.com/2024/01/09/tom-lubnau-like-it-or-not-wyoming-depends-on-federal-money/
Does this sound like a better holder of value than the US dollar?
I don’t think I’ve read a clearer illustration of how red states would fall apart without money from other states. But that’s on me.
Thanks for posting this.
If we settle for slogans, we are going to get our private parts sucked into a toilet at 34,000 feet.”
Amazing intro.
The Frontier Stable Token is overcollateralized by cash and short-term U.S. Treasurys, holding a minimum reserve of 102% to ensure stability at Franklin Advisers.
Wonder how long this will last until we start the fracturing of US currency at the state level again. That’d get pretty turbulent.
It be turbulent if you were in Wyoming and trying to compete against the stable coin of say…California. wonder which one most investors would choose?
Sounds and smells like a scam
Wyoming isn’t even a real place tho
I’ve been there, I think. The place is real but everything inside of its borders and the borders themselves are not.
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Lolz
