Wyoming has brought the Frontier Stable Token, known as FRNT, to market, marking the first time a U.S. state has issued a fiat-backed stablecoin for public use.
The launch follows years of legislative work and months of delays tied to regulatory and operational checks and positions Wyoming as the first state to move from policy experimentation to an active, on-chain dollar token.
Wyoming’s FRNT Stablecoin Begins Public Trading
Governor Mark Gordon announced that FRNT is now publicly available, describing it as the first fully reserved, fiat-backed stable token issued by a public entity in the United States.
The token was developed under the Wyoming Stable Token Act and overseen by the seven-member Wyoming Stable Token Commission, which Gordon chairs.
The commission was created in March 2023 to explore whether a state-backed digital dollar could operate within existing legal and fiscal frameworks.
FRNT is backed one-to-one by U.S. dollars and short-duration U.S. Treasurys held in trust, with Wyoming law requiring 2% overcollateralization. The reserves are managed by Franklin Advisers, while monthly attestations and audits are conducted by The Network Firm.
Interest generated from the reserve assets flows directly into Wyoming’s education funding system, a structure state officials have described as a new revenue stream for public services rather than a profit-driven financial product.
The stablecoin is available for purchase on Kraken, a Wyoming-domiciled cryptocurrency exchange that also operates as a Special Purpose Depository Institution. FRNT was initially issued on Solana and can be transferred across other major blockchains through the Stargate platform.
It is currently supported on Ethereum, Arbitrum, Avalanche, Base, Optimism, Polygon, and Solana, reflecting the state’s decision to prioritize interoperability and broad access from the outset.
On-chain data shows Wyoming began testing FRNT earlier in the year. In October, the state deployed 100,000 FRNT tokens on each of the seven supported blockchains.
That activity followed the token’s mainnet launch in August and represented the first real-world demonstration of its multi-chain design.
Wyoming Looks to Scale FRNT Across Agencies and Public Payments
State officials say the primary focus now is adoption and utility.
Anthony Apollo, executive director of the Wyoming Stable Token Commission, said the state plans to scale FRNT throughout 2026 by onboarding additional resale partners, expanding deployment across state agencies, and working with other public entities interested in issuing their own stablecoins.
The commission conducts quarterly assessments of new blockchains for potential integration.
Wyoming has already tested FRNT in government operations.
During a pilot program, the token was used to facilitate vendor payments while maintaining standard approval and compliance processes.
According to the commission, payment times were reduced from roughly 45 days to seconds.
Converse County Treasurer Joel Schell said his office processed about $3.4 million in credit card payments last year, costing residents around $70,000 in fees, and argued that stable token payments could significantly reduce those costs.
FRNT transactions typically settle in seconds and carry fees of around one cent, making them cheaper than many traditional payment rails.
The state is also working with Rain, a Visa-affiliated platform, to allow FRNT to be spent anywhere Visa is accepted, including through Apple Pay and Google Pay.
The launch comes as the global stablecoin market approaches $308 billion in total supply, dominated by private issuers such as Tether and Circle.
Wyoming’s approach differs by placing issuance, reserve management, and oversight directly under public authority.
Other U.S. states, including Texas, Nebraska, and North Dakota, are exploring similar ideas through legislation or pilot programs, but none have yet launched a public, state-backed stablecoin.
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