Wyoming Pioneers State-Issued Stablecoin with Frontier Stable Token

In a groundbreaking move, Wyoming has become the first state in the U.S. to launch its own stablecoin, heralding a new era of digital payments with promises of lowering fees and enabling instant transactions.

The Wyoming Stable Token Commission, which was established in 2023, recently announced the debut of the Frontier Stable Token (FRNT) on the mainnet blockchain network. This initiative aims to revolutionize digital payments globally by enhancing speed and security for transactions amongst individuals, businesses, and institutions.

Wyoming's Governor, Mark Gordon, expressed the state's ongoing dedication to financial innovation and consumer protection, citing Wyoming's legacy as a leader in blockchain and cryptocurrency legislation with over 45 laws enacted since 2016.

The launch of this stablecoin coincides with the Wyoming Blockchain Symposium in Jackson Hole and follows the recent enactment of the Genius Act by President Donald Trump, which mandates full backing of stablecoins with liquid assets but does not apply to government-issued tokens like FRNT.

FRNT is backed by U.S. dollars and short-term Treasuries, ensuring stability through a legally required 2% overcollateralization. Interest from reserves is allocated to Wyoming’s School Foundation Fund. Collaboration with LayerZero allows FRNT to operate across multiple blockchains such as Arbitrum, Avalanche, and Ethereum, enhancing its reach and utility.

In a significant development, FRNT will be accessible via Solana on Kraken, a Wyoming-based digital asset exchange, and through the Rain Visa-integrated card platform on Avalanche, marking the first time a U.S. state-issued digital asset is made available for use wherever Visa is accepted.

This advancement ties into the broader vision of enabling real-time financial applications like instant tax refunds and payroll systems. Other states, including Texas and Nebraska, are exploring similar ventures into stablecoins.