CHEYENNE, Wyo.—Wyoming has become the first U.S. state to roll out a government-backed stablecoin, unveiling the Frontier Stable Token (FRNT) on Aug. 19, AInvest reported.
The token, issued by the Wyoming Stable Token Commission, is fully collateralized by U.S. dollars and short-term Treasury securities, with an additional 2% overcollateralization required under state law to bolster stability and consumer confidence.
FRNT is being deployed across seven major blockchains, a multi-chain strategy designed to maximize accessibility and integration with decentralized finance (DeFi) applications and cross-chain use cases. Smart contract addresses have been published to ensure transparency, with the Wyoming Select Committee on Blockchain overseeing the process.
The initiative is supported by a coalition of industry partners: LayerZero is handling token issuance, Fireblocks is providing blockchain infrastructure, Franklin Advisers is managing reserves, Inca Digital is supplying intelligence, and The Network Firm is conducting audits. The token will also be listed on Wyoming-domiciled exchange Kraken and offered through Rain’s Visa-integrated card platform on Avalanche, expanding its reach for everyday use, AInest said.
Governor Mark Gordon, chair of the Stable Token Commission, said the launch reflects Wyoming’s long-running leadership in blockchain policy, noting the state has passed more than 45 pieces of digital asset legislation since 2016. He called FRNT a secure, efficient tool for digital transactions that aligns with Wyoming’s broader economic and technological vision.
Industry leaders also welcomed the move. John Wu, president of Ava Labs, said the launch shows how blockchain can be harnessed to build government-backed systems that are both efficient and beneficial to the public, AInvest added.