Wyoming Launches First U.S. State-Issued Stablecoin Across Seven Blockchains

Wyoming has officially launched a U.S. dollar-pegged stablecoin, making it the first-ever U.S. state-issued cryptocurrency. The stablecoin is titled the Frontier Stable Token (FRNT) and has been launched on the mainnet. The exciting announcement came during the Wyoming Blockchain Symposium in Jackson Hole.

Wyoming Launches Frontier Stable Token

Governor Mark Gordon, who also chairs the Wyoming Stable Token Commission, hailed the development as a milestone in digital finance. “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,” Gordon said in a statement.

FRNT is currently live on seven major blockchain networks. These are Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon (POL), and Solana. According to the project’s website, the token is structured to be 2% over-collateralized, supported by U.S. dollars and short-duration U.S. Treasuries held in trust.

Public access to the stablecoin will begin in the coming days through select platforms. Wyoming-domiciled crypto exchange Kraken will offer FRNT trading on Solana, while Rain’s Visa-integrated card platform will integrate the token on Avalanche.

The launch follows the successful signing of the federal GENIUS Act, a framework for regulating stablecoin issuers in the United States. Keyrock, a crypto trading company, believes that stablecoins worth $260 billion will be worth a trillion dollars in the next few years as they become more widely used for payments.

Wyoming has been a leader in blockchain-friendly laws for a long time. The Wyoming Stable Token Commission was set up by the state in 2023 to keep an eye on the creation and use of a digital dollar guaranteed by the state. The state successfully tested a real-time contractor payment last month using infrastructure based on Avalanche.

The Commission has worked with a number of private companies to make sure everything is clear and safe. LayerZero will handle the issuance of tokens, Fireblocks will supply the blockchain infrastructure, Franklin Advisers will monitor the reserves, Inca Digital will handle open-source intelligence, and The Network Firm will do audits and periodic attestations.

By pioneering a government-issued stablecoin, Wyoming aims to set the benchmark for secure, transparent, and efficient digital finance within the United States.