Wyoming Launches Frontier Stable Token, First State-Issued U.S. Stablecoin

Wyoming officially launched the Frontier Stable Token (FRNT), marking the first U.S. state-issued stablecoin, according to the Wyoming Stable Token Commission. Chaired by Governor Mark Gordon, the initiative ensures FRNT is fully backed by U.S. dollars and short-term Treasuries with a legally mandated 2% overcollateralization. Monthly attestations and audits will be conducted by The Network Firm, with reserves managed by Franklin Advisers. FRNT is deployed on seven blockchains—Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, and Solana. Public access will begin through Kraken’s exchange, initially on Solana, with additional availability through Rain’s Visa-integrated card platform on Avalanche. Morningstar, in a same-day report, cautioned that stablecoin adoption poses risks to U.S. banks by potentially driving deposit flight and reducing fee-based payment revenues.