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Wyoming Becomes First US State To Launch Its Own Stablecoin: Introducing ‘FRNT’

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Shortly after President Donald Trump signed the GENIUS Act into law, providing a new regulatory framework for dollar-pegged cryptocurrencies, Wyoming officially introduced the Frontier Stable Token (FRNT), becoming the first US state to issue its own blockchain-based stablecoin.

The Wyoming Stable Token Commission announced the initiative on Tuesday, aiming to provide users of the new stablecoin with secure, transparent, and efficient digital transactions.

Wyoming’s Stablecoin Issued On Seven Blockchains

Governor Mark Gordon, who chairs the Wyoming Stable Token Commission, emphasized Wyoming’s commitment to financial innovation and the integration of crypto into everyday transactions, stating: 

For years, Wyoming has been the leading state on blockchain, cryptocurrency, and digital asset regulation, passing over 45 pieces of legislation since 2016…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.

The Frontier Stable Token is designed to be fully backed by US dollars and short-duration treasuries, held in trust for the benefit of token holders. To enhance its stability, FRNT has a legislatively mandated overcollateralization of 2%. 

FRNT was developed in partnership with industry experts. It will leverage blockchain technology to facilitate instant transaction settlements, reduce fees, and enhance accessibility for a diverse range of users.

In a strategic collaboration with token issuance partner LayerZero, the Commission has ensured that FRNT will be available across multiple blockchain networks. 

This decision follows encouragement from the Wyoming Select Committee on blockchain, which supports the stablecoin’s issuance on seven distinct blockchains, including Arbitrum (ARB), Avalanche (AVAX), Base, Ethereum (ETH), Optimism (OP), Polygon (POL), and Solana (SOL). 

LayerZero, Fireblocks, And Others Collaborate

The launch of the FRNT stablecoin was made through what the commission calls a “thorough and transparent procurement process,” engaging various partners to ensure transparency and efficiency of the new cryptocurrency. 

These partners include LayerZero for token issuance, Fireblocks for blockchain infrastructure, Franklin Advisers for reserves management, Inca Digital for open-source intelligence, and The Network Firm for financial audits and monthly attestations.

In the coming days, FRNT will be available for purchase on the Solana blockchain via US-based cryptocurrency exchange Kraken, based in Wyoming. Additionally, users will be able to access FRNT through Rain’s Visa-integrated card platform on the Avalanche blockchain. 

Beyond Wyoming’s Stable Token Commission’s recommendations for the safe usage of the newly issued token, the Treasury department called on Monday on public input to combat illicit activities involving these assets under the GENIUS Act. 

As reported by Bitcoinist, the department is especially focused on collecting public input regarding various crypto technologies that may improve the capacity to recognize and reduce risks linked to stablecoins. 

The 1D chart shows the total crypto market at $3.88 trillion. Source: TOTAL on TradingView.com

Featured image from DALL-E, chart from TradingView.com

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Wyoming State Launches Frontier Stable Token (FRNT)
Crypto Trends

Wyoming State Launches Frontier Stable Token (FRNT)

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Wyoming state announced on Tuesday the mainnet launch of its U.S. dollar stablecoin Frontier Stable Token (FRNT), claiming it to be the first fully-reserved stablecoin in the country issued by a public entity.

“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,” Mark Gordon, governor of Wyoming and chairman of the Wyoming Stable Token Commission, said in a statement.

The token has already been deployed on the Arbitrum

, Avalanche , Base, Ethereum , Optimism , Polygon (POL), and Solana networks, blockchain data on the project’s website shows. The token is designed to be 2% over-collateralized, backed by U.S. dollars and short-duration U.S. treasuries held in trust.

The token will be available for the broader public in the coming days on Solana through Wyoming-domiciled exchange Kraken and Rain’s Visa-integrated card platform on the Avalanche blockchain, the press release said.

The announcement, coincided with the Wyoming Blockchain Symposium conference in Jackson Hole, Wyoming, follows the U.S. enacting federal laws with the GENIUS Act to regulate the fast-growing stablecoin sector and issuers.

Stablecoins are a $260 billion class of cryptocurrencies with prices tied to an external asset like the U.S. dollar. They could become a trillion dollar market in the next few years and disrupt payments flows as adoption in the real economy expands, crypto trading firm Keyrock projected in a recent report.

Wyoming, known for its forward stance on blockchain legislation, created the Wyoming Stable Token Commission in 2023 to develop and issue a U.S. dollar-backed token and oversee its integration into public finances. Last month, the state conducted a test transaction for real-time government contractor payment on the Avalanche-based Hashfire.

The Commission has partnered with LayerZero for token issuance, Fireblocks for blockchain infrastructure, Franklin Advisers for reserves management, Inca Digital for open-source intelligence and The Network Firm for audits and monthly attestations, all selected through a procurement process, the press release said.

Read more: U.S. Treasury Department Starts Work on GENIUS, Gathering Views on Illicit Activity



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‘Public Good’: Wyoming Plots August Debut for WYST Stablecoin

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In brief

  • Wyoming lawmakers have been talking about introducing a stablecoin since 2022.
  • The asset, WYST, is now targeted to launch on August 20 during the Wyoming Blockchain Symposium.
  • This week, the U.S. Senate passed the GENIUS Act, which would create a legal framework for stablecoins.

The Cowboy State moved one step closer to issuing its own stablecoin.

The state-backed Wyoming Stable Token Commission said this week that the WYST cryptocurrency’s debut will likely occur on August 20 at the Wyoming Blockchain Symposium in Jackson. 

Wyoming lawmakers have been planning a stablecoin for its citizens since 2022. This spring, lawmakers announced that it was targeted to launch in July and could run across several major crypto networks, including Ethereum, Solana, Avalanche, and Ethereum scaling networks Base, Polygon, Arbitrum, and Optimism.

“WYST is a public good,” Anthony Apollo, executive director of Wyoming’s Stable Token Commission, told Decrypt.

“Our statute dictates that the interest earned on the reserves backing the token will get swept into the School Foundation Fund on a quarterly basis,” he added, referring to the yield the stablecoins produce.

He said that along with the state’s collaboration with crypto interoperability protocol LayerZero, the stablecoin may launch on several networks simultaneously.



Stablecoins are cryptocurrencies designed to be non-volatile, and are typically pegged to the value of US dollars. 

Private companies typically issue such tokens, which have traditionally been used by traders to enter and exit transactions on digital asset exchanges, and run on a number of major crypto networks, or blockchains. 

Now, banks, major companies—including Meta and Amazon, reportedly—and U.S. states are all interested in issuing the crypto tokens, which are supposed to speed up payments using blockchain technology. 

Wyoming’s announcement comes just a few days after the U.S. Senate passed the GENIUS Act, which establishes a regulatory framework for the token and underscores the growing importance of these tokens.

The House of Representatives is now weighing the legislation with President Donald Trump urging passage.

Wyoming has been at the forefront of states supporting more crypto-friendly regulation and the widening use of digital assets. Prominent American crypto exchange Kraken on Friday announced that it was relocating its headquarters to Wyoming capital Cheyenne, acknowledging the state as a “a pioneer in crypto regulation.”

Edited by James Rubin

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IOST price surges amid $21m raise to accelerate RWA growth
NFT Gaming

SEI price surges as Wyoming selects Sei Network for WYST stablecoin

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Sei price has spiked more than 13% in the past 24 hours amid news that the Wyoming Stable Token Commission has selected Sei “as a candidate blockchain” for the state’s upcoming stablecoin.

On June 19, as top coins led by Bitcoin (BTC) looked to rebound from the recent downturn, Sei (SEI) outpaced the top 100 cryptocurrencies by market cap. The SEI price jumped over 13% to hit an intraday high of $0.19, its highest level since June 12.

Why is SEI price up?

Sei Network’s native token appears to have surged following a key announcement from the blockchain project’s team.

Sei posted via X that the Wyoming Stable Token Commission had selected Sei as one of two candidate blockchains for the state’s fiat-backed stablecoin, WYST. 

Wyoming’s WYST is a fiat-backed stablecoin set to be deployed via LayerZero in July.

LayerZero Labs will be the issuance partner, with WYST issued via the interoperability protocol’s Omnichain Fungible Token standard.

The Wyoming state began testing the U.S. dollar-backed stablecoin in March, with testing across several blockchains. Apart from Sei, the other candidate blockchains, as indicated on the Commission’s WYST page are Aptos, Arbitrum, Avalanche, Base, Ethereum, Polygon, Optimism, Stellar, Solana, and Sui.

Sei Network is a layer-1 blockchain backed by Circle, Delphi Digital, Multicoin Capital, and Coinbase, among others.

Bullish sentiment around SEI surged following the Wyoming news, with daily trading volume up more than 91% to $175 million. Sei’s market capitalization climbed past $1 billion. The token reached its all-time high of $1.14 in March 2024.

Per data from DeFiLlama, the total value locked currently stands at $1.03 billion, while its stablecoin market cap sits at $213 million.



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