Wyoming marks a significant milestone in U.S. financial technology with the debut of its state-issued stablecoin, a first for any state in the nation.
The US state of Wyoming has taken a significant step forward in the digital currency revolution with the launch of its own stablecoin, the Frontier Stable Token (FRNT). The Wyoming Stable Token Commission, established under the Wyoming Stable Token Act, is leading the project.
FRNT is the first fiat-backed, fully-reserved stablecoin issued by a public entity in the US. It is designed to provide secure, transparent, and efficient digital transactions for individuals, businesses, and institutions worldwide. The stablecoin is pegged 1:1 to the US dollar.
The Wyoming Stable Token Commission, in collaboration with private-sector partners, has the authority and capability to provide FRNT on seven blockchains: Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, and Solana. FRNT will be made available for purchase on the Solana blockchain through Wyoming-domiciled digital asset exchange Kraken, and Rain's Visa-integrated card platform on the Avalanche blockchain.
Anthony Apollo, the executive director of the Wyoming Stable Token Commission, described the team as "trying to create essentially a start-up within the context of US state government." The state government is backing the Commission with a budget of $5.8m (about £4.3m).
The GENIUS Act, which establishes a federal regulatory regime for stablecoins, was signed into law by US President Donald Trump on 18 July 2025. Apollo believes that Wyoming's stablecoin initiative is ultimately global, aiming to be used on DeFi platforms and internationally.
Apollo also highlighted the potential of stablecoins to help increase the US dollar's hegemony as a world reserve currency, especially in light of sanctions activities and the selling off of dollars by nation states. He mentioned that the US government has about $36 trillion of debt and that stablecoins could potentially provide demand for US public debt.
Moreover, Apollo mentioned the possibility of using blockchain during political elections, tied to digital identity, to shore up elections and prevent fraud. The Commission's future plans include expanding its remit to become the 'Wyoming Digital Asset Authority' and handling divisions for tokenised real-world assets, such as gold, silver, land, livestock, oil and gas, rare-earth metals, and even uranium.
The GENIUS Act is closely watched by public- and private-sector fintech and payments specialists worldwide. Apollo's five to seven-year plan includes these expansions and an extra two years for their implementation. The White House described the GENIUS Act as a 'historic piece of legislation' that will 'pave the way for the United States to lead the global digital currency revolution.'
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