- Wyoming launched the Frontier Stable Token (FRNT), the first state-issued stablecoin in the US, now available for public purchase on the Solana blockchain via Kraken.
- Managed by Franklin Templeton, the token is backed by 102% overcollateralised reserves of US dollars and Treasuries.
- Using LayerZero technology, FRNT supports instant cross-chain transfers to seven networks and integrates with a Visa-backed card for everyday retail payments.
Wyoming has begun public sales of its Frontier Stable Token (FRNT), a dollar-pegged asset issued under the Wyoming Stable Token Commission and launched on Solana.
State officials described it as the first state-issued, blockchain-based token designed to track the US dollar.
Today, our embrace of digital assets further demonstrates the strength of our enterprise and provides our citizens, businesses, and the nation a cheaper, faster, and more transparent means of transacting. Importantly, FRNT provides another source of funding for our schools and can lower the taxpayer burden in our state.
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FRNT’s vs Privately Issued Stablecoins
FRNT is structured differently from privately issued stablecoins such as USDT and USDC, with Wyoming positioning it as a state-run product with formal oversight and reporting. The state said the token will be overcollateralised, with reserves held in a Wyoming trust and invested only in US dollars and short-duration US Treasuries.
Wyoming has appointed Franklin Templeton to manage the reserves, and said the Franklin Templeton affiliate Fiduciary Trust Company International will act as custodian. The state said interest earned on reserves will be directed toward Wyoming’s school program.
Wyoming is pitching FRNT as a payments and settlement tool, not just a crypto trading instrument. In public statements, officials said the token is designed to settle in seconds, with fees under US$0.01 (AU$0.02), “instant” auditability, and reduced counterparty risk, aiming to serve both retail users and institutions.
Notably, FRNT is available through Kraken, a Wyoming-domiciled crypto exchange.
The launch follows a multi-year buildout. The commission began work in 2023 after the state passed its Stable Token Act, which directed the creation of a framework for a state-backed token.
In March last year, the state started testing its stablecoin prototype on seven blockchains, in collaboration with LayerZero. On that note, the state also said LayerZero will provide bridging to EVM-based chains including Ethereum and Arbitrum, Base, Optimism, and Polygon, as well as Avalanche.
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