Submitted 4 days ago by technocrit@lemmy.dbzer0.com to technology@lemmy.world
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.
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 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.
I don’t think I’ve read a clearer illustration of how red states would fall apart without money from other states.
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
I’ve been there, I think. The place is real but everything inside of its borders and the borders themselves are not.
Lolz
ushmel@piefed.world 4 days ago
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
paraphrand@lemmy.world 4 days ago
It’s a foundation for future bullshit. I’m sure.