Wyoming integrates Chainlink for real-time reserve verification of state stablecoin

This new system will combine independent examinations conducted by The Network Firm with Chainlink's infrastructure. Previously, Wyoming published daily reserve attestations and required monthly disclosures of reserve composition and outstanding stablecoin supply under the GENIUS Act. The commission stated that the integration will offer more timely visibility into changes in FRNT's backing between reporting periods.

Furthermore, the commission is exploring the adoption of Chainlink's Secure Mint feature. This would ensure that new FRNT tokens can only be minted if verified reserves are equal to or exceed the total outstanding supply.

Launched in January, FRNT is backed by U.S. dollars and short-term U.S. Treasurys. Interest generated from these reserves is deposited into Wyoming's School Foundation Program.

This development follows Wyoming's recent migration of FRNT from LayerZero to Chainlink's Cross-Chain Interoperability Protocol (CCIP), establishing CCIP as the token's sole cross-chain infrastructure. Chainlink has been expanding its presence in tokenized financial markets, recently providing pricing data for Coinbase's B20 tokenized equities and participating in Project Pangea for stablecoin settlement. The company's technology is also being integrated into the Depository Trust and Clearing Corporation's (DTCC) planned platform for tokenized collateral.