Wyoming launches first state-issued stablecoin FRNT, spurred by GENIUS bill passage

The Wyoming Stable Token Commission announced the mainnet launch of its Frontier Stable Token (FRNT) on Tuesday, marking the first state-issued digital asset in the US.

Wyoming rolls out FRNT as first state-issued stablecoin

The Wyoming Stable Token Commission said it has officially launched its FRNT stablecoin, making it the first US state to achieve the feat, according to a statement on Tuesday.

The Commission claims FRNT is backed by US Dollars and short-term Treasury bills, with a statutory requirement that reserves be overcollateralized by 2%.

"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 Governor Mark Gordon, Chairman of the Wyoming Stable Token Commission.

The Commission revealed partnerships with several firms, including interoperability protocol LayerZero, to facilitate the token's issuance. Franklin Advisers manages the token's reserve assets, and its blockchain infrastructure is managed by Fireblocks, with financial audits and monthly attestations conducted by The Network Firm.

FRNT will be accessible across multiple blockchains at launch, including Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon and Solana.

The Commission said FRNT will be available for purchase on Solana through crypto exchange Kraken. The stablecoin will also be accessible on Rain's Visa-integrated card platform running on Avalanche.

Rumours of a Wyoming stable token first emerged in 2023 after the state passed its Stable Token Act. The Commission hastened the token's launch this year, following President Trump's pro-crypto stance.

The launch of FRNT comes after the GENIUS bill's passage last July, which established a legal framework guiding stablecoin issuance in the US.