Wyoming becomes the first US state to launch a public stablecoin. FRNT will be offered across multiple blockchains for various digital transactions.
The stablecoin leverages blockchain technology to offer instant transaction settlement and reduced fees. The state government is set to announce its sale on Solana through the Kraken exchange.
Wyoming’s Frontier Token Debuts on 7 Blockchains
Wyoming became the first state to launch a blockchain-based stablecoin in the United States today. The Frontier Stable Token (FRNT) is a fully reserved, fiat-backed digital currency that can now be used for various digital transactions, including payments for goods and services.
The stablecoin has already debuted across seven blockchains. These include Ethereum, Solana, Avalanche, and several Ethereum Layer-2 networks such as Polygon, Arbitrum, Optimism, and Base.
The Wyoming Stable Token Commission, chaired by Governor Mark Gordon, oversees the issuance and management of FRNT.
“The mainnet launch of the Frontier Stable Token will empower our citizens and businesses with a modern, efficient, and secure means of transacting in the digital age,” said Gordon in a press release.
Since it was issued by a sovereign state rather than a private entity, FRNT operates outside the framework of the GENIUS Act. All its reserve income will be directed to Wyoming’s School Foundation Fund, which supports the state’s public education.
According to the press release, FRNT will be entirely backed by US dollars and short-term treasuries. To ensure stability, the token must also maintain a 2% overcollateralization.
FRNT will soon be available on the Solana blockchain through Kraken, a Wyoming-based digital asset exchange, and Rain’s Visa-integrated card platform on the Avalanche blockchain.
A Coordinated Push for Digital Finance
The announcement coincides with the Wyoming Blockchain Symposium conference, which will occur tomorrow in Jackson Hole, Wyoming. The launch of FRNT is part of a broader trend of stablecoin adoption in the United States, accelerated particularly by the passage of the GENIUS Act.
Wyoming has been proactive in integrating stablecoins into the broader financial system well before the bill was signed into law. In 2023, the state established the Wyoming Stable Token Commission to develop a US dollar-backed token and manage its integration into public finance.
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