Wyoming has made history today by making its Frontier Stable Token (FRNT) publicly available for purchase, becoming the first U.S. state to issue and back a blockchain-based stablecoin. Governor Mark Gordon announced the launch of FRNT, a dollar-pegged digital asset fully reserved with U.S. dollars, cash equivalents, and short-term U.S. Treasuries.
The reserves are managed by institutional giant Franklin Templeton, ensuring 1:1 redeemability and transparency.
“Wyoming continues to lead in financial innovation, the Frontier Stable Token represents a safe, efficient way to bridge traditional finance with blockchain technology, while generating yields that directly benefit our state’s education system.”
Key highlights of the launch include:
- Public Availability: FRNT is now purchasable on the Solana blockchain via Kraken, a Wyoming-based cryptocurrency exchange. It’s also accessible on Avalanche through Rain, a payments platform linked to Visa.
- Multi-Chain Support: The token is live across seven major blockchains, including Arbitrum, Base, Ethereum, Optimism, Polygon, and Solana, enabling broad interoperability.
- Unique Yield Feature: Interest earned on the underlying Treasuries is directed to Wyoming’s School Foundation Fund, providing a novel public benefit from the stablecoin’s operations.
- Regulatory Backing: Issued under the Wyoming Stable Token Act by the Wyoming Stable Token Commission, FRNT emphasizes compliance, full reserves, and state oversight.
Originally codenamed WYST during development, FRNT marks the culmination of years of pro-crypto legislation in Wyoming, known for its blockchain-friendly policies, including special charters for crypto banks and recognition of DAOs.
The choice of Solana highlights its high-speed, low-cost transactions, making FRNT competitive with private stablecoins like USDT and USDC. As of launch day, trading commenced smoothly on supported platforms, with early adopters praising its potential for payments, remittances, and DeFi applications.
