Wyoming has become the first U.S. state to launch and sell its own government-issued stable token to the public, unveiling the Frontier Stable Token ($FRNT) as a new blockchain-based instrument backed by state-managed cash reserves and short-term U.S. Treasuries.[1][3]

The launch marks a milestone in the evolving relationship between state governments and digital assets, positioning Wyoming at the forefront of public sector crypto innovation and offering a new model for regulated, dollar-pegged tokens in the United States.[1][3][4]

First State-Issued Stable Token in the United States

According to an announcement from the Office of Governor Mark Gordon and the Wyoming Stable Token Commission, the $FRNT token is now live and available for purchase by the general public, following its initial rollout on major blockchain networks.[1][3][7]

Wyoming officials describe $FRNT as the nation’s first and only state-issued stable token, a digital asset designed to maintain a one-to-one value with the U.S. dollar through fully reserved backing held in highly liquid, conservative instruments.[1][3][4]

Governor Mark Gordon framed the move as a defining moment for the state’s long-running effort to attract digital asset businesses through a mix of enabling legislation and regulatory clarity. He said the program demonstrates how “thoughtful, transparent regulation and new technologies” can be leveraged to expand access, reduce costs and strengthen public trust in financial infrastructure.[3][4]

How the Frontier Stable Token Works

The Frontier Stable Token was created under the oversight of the Wyoming Stable Token Commission, a state entity established to design, issue and supervise the token and its reserves.[1][7]

Each $FRNT token is issued against reserves consisting of cash and short-term U.S. Treasury securities, with the goal of maintaining full backing and daily liquidity.[1][3] Wyoming has emphasized that the reserves remain under state oversight, while professional asset managers handle day-to-day investment according to strict guidelines.[1][3]

The token is designed as a stable token rather than a speculative cryptocurrency, with a focus on price stability, fast settlement and low transaction fees for payments and transfers on public blockchains.[3][4][5]

Franklin Templeton to Manage Reserves

To meet institutional standards for risk management and custody, Wyoming has partnered with global asset manager Franklin Templeton to manage the reserves backing $FRNT.[3][4][6]

Franklin Templeton, which reports more than $1.6 trillion in assets under management, will oversee the reserve investments, while its affiliate Fiduciary Trust Company International will serve as custodian for the underlying assets.[3][4]

In a statement, Franklin Templeton executive Sandy Kaul said Wyoming’s initiative shows how blockchain and traditional finance can coexist to build “more inclusive, efficient, and transparent financial systems.”[3][4]

The collaboration builds on Franklin Templeton’s prior work in tokenized funds and blockchain-based financial products, giving Wyoming access to specialized expertise as it enters the digital asset arena.[3][6]

Available on Multiple Blockchains and Platforms

Wyoming has structured $FRNT as a multi-chain token to increase accessibility and interoperability. The stable token is being issued initially on the Solana and Avalanche blockchains, with infrastructure designed to support cross-chain operations.[4][5]

The state has selected LayerZero as the interoperability solution enabling $FRNT to move across supported blockchains, and Fireblocks to provide secure blockchain infrastructure for institutional-grade custody and transaction processing.[4]

For retail users, $FRNT is available for purchase via crypto exchange Kraken on the Solana network and through Rain, a Visa-integrated card and payments platform, on the Avalanche network.[4][5]

The token is intended to provide instant settlement and low-cost transfers that can be executed globally, targeting both local residents and users worldwide who seek a regulated, dollar-pegged digital asset issued by a U.S. state.[4][5]

Wyoming’s Broader Digital Asset Strategy

The launch of $FRNT is the latest step in Wyoming’s years-long push to position itself as a leading U.S. jurisdiction for digital asset companies and financial innovation.[1][4][7]

The state has previously enacted a series of crypto-focused laws, including frameworks for special purpose depository institutions (SPDIs), digital asset custody, and legal recognition of certain tokenized assets.[4][7] Those measures have attracted blockchain startups and service providers seeking predictable regulatory treatment.

In its announcement, the Wyoming Stable Token Commission emphasized that $FRNT is meant not only as a technical experiment, but as a practical tool for payments, treasury management and cross-border transfers that can be used by individuals, businesses and other governments.[1][3][7]

CNBC’s coverage of the launch underscored the historical significance, calling $FRNT the first state-issued stable token available to the public and highlighting its potential impact on the national discussion around stablecoin regulation.[2]

Regulatory Context and National Implications

Wyoming’s move comes as federal regulators and lawmakers continue to debate how privately issued stablecoins should be supervised, including potential requirements for reserve quality, disclosures and redeemability.[2][3]

By tying $FRNT directly to state oversight and public financial management standards, Wyoming is attempting to offer a model that blends the programmability of crypto tokens with the governance structures of traditional public finance.[1][3][7]

Observers note that the project could influence how other states and federal authorities approach digital dollars and tokenized cash equivalents, particularly if $FRNT gains traction as a payment rail or settlement asset among financial institutions and fintech platforms.[3][4][6]

Access, Transparency and Risks

State officials and partners have stressed that transparency around reserves and operations will be a core feature of the program. Public reporting on the composition and status of the backing assets is expected to be part of the ongoing oversight framework.[1][3][7]

At the same time, $FRNT remains a blockchain-based token, meaning users must understand wallet security, transaction fees and network risks on supported chains such as Solana and Avalanche.[4][5] The program’s success will depend in part on how effectively Wyoming and its partners can communicate both the benefits and the limitations of a state-issued digital token.

For now, the Frontier Stable Token places Wyoming at the center of a national experiment: whether a U.S. state can safely and effectively bring aspects of its financial operations onto public blockchains and, in doing so, help shape the next phase of digital money.