Wyoming Launches FRNT Stablecoin — The First State-Backed Stablecoin in the U.S.

Wyoming has officially launched the Frontier Stable Token, commonly known as FRNT, marking a significant milestone as the first U.S. state to introduce a fiat-backed stablecoin intended for public use.

Key Takeaways

Wyoming has launched FRNT, the first state-backed stablecoin in the U.S.
The stablecoin is fully fiat-backed by U.S. dollars and U.S. Treasurys.
It offers interoperability across multiple blockchains and is available for purchase on Kraken.
The state looks to expand the use of FRNT across various public services and payments.
Other states are considering similar initiatives, but Wyoming is the first to implement a public stablecoin.

Wyoming Launches FRNT Stablecoin — The First State-Backed Stablecoin in the U.S.

This launch is the result of years of legislative efforts and has faced several delays related to regulatory and operational requirements. With FRNT, Wyoming takes a bold step from policy experimentation to a tangible, on-chain dollar token available for use.

Wyoming’s FRNT Stablecoin Begins Public Trading

Governor Mark Gordon has announced that FRNT is ready for public trading, touting it as the first fully reserved, fiat-backed stable token issued by a governmental entity in the United States.

FRNT was created under the Wyoming Stable Token Act and is supervised by the seven-member Wyoming Stable Token Commission, chaired by Governor Gordon. This commission was established in March 2023 to evaluate the feasibility of a state-backed digital dollar functioning within current legal frameworks.

The FRNT token is backed on a one-to-one basis by U.S. dollars and short-duration U.S. Treasurys held in trust. Wyoming law mandates a 2% overcollateralization, ensuring additional security for holders. Franklin Advisers manages the reserves, and monthly attestations and audits are performed by The Network Firm.

Interest earned from these reserve assets will directly benefit Wyoming’s education funding system, transforming it into a revenue source for public services rather than a profit-centered financial product.

FRNT can be purchased on Kraken, a cryptocurrency exchange based in Wyoming that also serves as a Special Purpose Depository Institution. Initially launched on Solana, the token can be transferred across various major blockchains via the Stargate platform. It currently supports networks like Ethereum, Arbitrum, Avalanche, Base, Optimism, Polygon, and Solana, emphasizing the state’s goal of ensuring interoperability and widespread access from the beginning.

On-chain analytics reveal that Wyoming began testing the FRNT tokens earlier this year. In October, the state deployed 100,000 FRNT tokens on each of the seven supported blockchains. This pilot activity followed the mainnet launch in August and showcased the practical application of its multi-chain capabilities.

Wyoming Aims to Expand FRNT Usage Across Agencies and Public Payments

State officials are now concentrating on adoption and enhancing utility. Anthony Apollo, the executive director of the Wyoming Stable Token Commission, indicates that the plan for 2026 is to broaden the use of FRNT by partnering with more resellers, expanding its deployment within state agencies, and collaborating with other public entities interested in launching their own stablecoins.

The commission reviews new blockchains quarterly for potential inclusion in the FRNT ecosystem.

Wyoming has already applied FRNT in governmental operations. During a trial program, the token facilitated vendor payments, streamlining the typical approval and compliance processes. This resulted in payment times being reduced from approximately 45 days to mere seconds.

Converse County Treasurer Joel Schell noted that his office processed around $3.4 million in credit card payments last year, which cost local residents about $70,000 in fees. He argued that utilizing stable token payments could significantly decrease these costs, as FRNT transactions generally settle in seconds with fees around one cent, proving to be more economical than many traditional payment systems.

The state is also collaborating with Rain, a platform affiliated with Visa, to facilitate the use of FRNT wherever Visa is accepted, including through popular payment systems like Apple Pay and Google Pay.

This launch occurs as the global stablecoin market nears a total supply of $308 billion, primarily led by private issuers like Tether and Circle. Wyoming’s approach stands out by placing the issuance, reserve management, and oversight firmly under public authority.

While other states, including Texas, Nebraska, and North Dakota, are exploring similar concepts through legislative measures or pilot initiatives, Wyoming remains the first to successfully implement a public, state-backed stablecoin.