Wyoming has officially launched the Frontier Stable Token (FRNT), the first state-issued stablecoin in the United States. The announcement, published by Wyoming Public Media and confirmed by the Wyoming Stable Token Commission, marks a milestone nearly ten years in the making for the state that has long positioned itself as a leader in blockchain-friendly regulation.

FRNT goes live across multiple blockchains

FRNT went live for public purchase on January 7 and is now trading on Kraken, a Wyoming-domiciled cryptocurrency exchange. The token is initially available on the Solana blockchain, with transfer capability across Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, and Solana through the Stargate bridging protocol.

Governor Mark Gordon said the rollout represents a new model for public financial infrastructure.

“It is the first fiat-backed, fully-reserved stable token to be issued by a public entity in the United States,” he said in a Wednesday announcement.

He added that FRNT would provide “a cheaper, faster, and more transparent means of transacting,” and “another source of funding for our schools and can lower the taxpayer burden in our state.”

How FRNT works and what backs it

Unlike private or corporate stablecoins, Wyoming’s FRNT is issued through a state-managed framework and is backed by U.S. dollars and short-term Treasury securities held in a Wyoming-chartered trust. The reserves are managed by Franklin Templeton to ensure full collateralization.

Interest earned on these reserves will flow back into Wyoming’s public education system, creating a recurring source of revenue for the state. This structure distinguishes FRNT from privately issued stablecoins that distribute yields to token holders or corporate treasuries.

State officials said the design reflects ongoing caution around U.S. regulations governing yield-bearing digital assets. As a result, FRNT will not currently pay returns to token holders but aims to maintain stability and security through transparency and full reserve backing.

Local officials see potential for lower transaction costs

County treasurers and administrators view the Frontier Stable Token as a potential answer to costly credit card processing fees that affect local offices across the state. Converse County Treasurer Joel Schell highlighted the operational benefits of using blockchain-based payments.

“The county is like any other business — we take credit cards, but we can't raise registration fees and property taxes to absorb the processing costs, so we send those costs directly to the customers,” Schell said in a statement released by the governor’s office. “Last year my office took in about $3.4 million in credit card transactions, which cost our constituents about $70,000 in fees that our processors collected. We're anxious to get out of that climate and to move into something else. Electronic payments, especially the stable token, would let us get more efficient.”

Officials estimate that on-chain transactions using FRNT will cost less than one cent per transfer, with near-instant settlement and round-the-clock availability. The Wyoming Stable Token Commission said the system is designed for peer-to-peer use by both individuals and institutions.

From concept to circulation

Wyoming began exploring the idea of a state-issued digital asset in the mid-2010s when it created a legal framework to recognize blockchain-based property rights and digital identities.

The State Legislature later established the Wyoming Stable Token Commission, which designed and now oversees FRNT’s issuance and governance. The state has invested $6 million in the project, and the latest budget hearing included discussions of an additional $2 million to support scaling.

After several months of testing and internal reviews, the commission opened FRNT for public purchase this week. Early trading data show modest volumes, which is typical for a new government-issued digital asset.

The commission confirmed via its official account on X that FRNT is “the first fiat-backed and fully-reserved issuance by a public entity in the U.S.,” calling it a public good and an opportunity for revenue diversification.

Plans to expand through 2026

The Stable Token Commission plans to scale FRNT throughout 2026 by onboarding additional resale partners, integrating the token within state payment systems, and collaborating with other public entities interested in exploring stablecoins.

Executive Director Anthony Apollo said the commission intends to expand the program while emphasizing operational efficiency.

“While we are working towards growing the supply of FRNT in circulation, we are also looking forward to utilizing the stable token as a tool to enhance government efficiency,” he said.

The commission’s next meeting is scheduled for January 15 at 9 a.m. in the Capitol Extension in Cheyenne, with public attendance available both in person and online via Zoom.

Disclosure

This report was produced independently and without financial or business relationships with the Wyoming Stable Token Commission, the Governor’s Office, or related entities. Editorial decisions were made without outside influence.

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