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Wyoming has launched FRNT, the first fiat-backed stablecoin issued by a US state for public use, marking a historic entry by government into the digital dollar market dominated by private issuers like Tether and Circle.
The state-backed token, now publicly tradable on Kraken and operational across seven blockchains, channels reserve interest into Wyoming’s education system and aims to cut transaction costs while offering transparency private stablecoins often lack.
Governor Mark Gordon announced that FRNT is now publicly tradable, calling it “the first fully reserved, fiat-backed stable token issued by a public entity in the United States.”
“This is not a speculative asset,” Gordon said. “It is a payment tool built for reliability, transparency, and public benefit.”
FRNT was created under the Wyoming Stable Token Act and overseen by the seven-member Wyoming Stable Token Commission, which Gordon chairs.
The commission was established in March 2023 to determine whether a State-Backed Stablecoin could function within existing legal, fiscal, and constitutional frameworks.
Unlike private stablecoins, interest earned on FRNT’s reserve assets flows directly into Wyoming’s education funding system.
State officials emphasize that the State-Backed Stablecoin model prioritizes public revenue over corporate profit.
FRNT is available for purchase on Kraken, a Wyoming-domiciled crypto exchange that also operates as a Special Purpose Depository Institution.
The State-Backed Stablecoin was initially issued on Solana and can move across blockchains via the Stargate interoperability platform.
Currently, FRNT supports Ethereum, Arbitrum, Avalanche, Base, Optimism, Polygon, and Solana — a deliberate choice, according to officials, to avoid single-chain dependency.
On-chain data shows Wyoming quietly tested the State-Backed Stablecoin earlier this year. In October, 100,000 FRNT tokens were deployed on each supported blockchain, following a mainnet launch in August that validated the token’s multi-chain architecture.
Wyoming officials say adoption — not speculation — is now the priority.
Anthony Apollo, executive director of the Wyoming Stable Token Commission, said the State-Backed Stablecoin will scale throughout 2026 through additional resale partners, expanded agency use, and collaboration with other public entities exploring similar models.
“We’re building infrastructure, not hype,” Apollo said. “FRNT is about efficiency, transparency, and public trust.”
During pilot programs, the State-Backed Stablecoin reduced vendor payment settlement times from roughly 45 days to seconds while preserving existing compliance workflows.
Converse County Treasurer Joel Schell highlighted the cost savings potential, noting that his office processed $3.4 million in credit card payments last year, costing residents about $70,000 in fees.
“Stable token payments could eliminate a significant portion of those costs,” Schell said.
FRNT transactions typically settle in seconds with fees around one cent, undercutting many traditional payment rails.
Wyoming’s State-Backed Stablecoin arrives as the global stablecoin market approaches $308 billion, dominated by private issuers like Tether and Circle.
Critics warn that government-issued tokens could crowd out private innovation or introduce political risk into digital money.
Supporters argue the opposite — that public issuance brings transparency, reserve clarity, and regulatory certainty long missing from the sector.
Wyoming is already working with Rain, a Visa-affiliated platform, to enable FRNT payments anywhere Visa is accepted, including Apple Pay and Google Pay.
While states like Texas, Nebraska, and North Dakota are exploring similar legislation, Wyoming stands alone — for now — as the only U.S. jurisdiction with a live State-Backed Stablecoin in the market.
