Wyoming Rolls Out State-backed Frnt Stablecoin To The Public - 2025 Update

Wyoming’s Frontier Stable Token (FRNT) is “the first fiat-backed, fully-reserved stable token" to be issued by a US public entity, says state Governor Mark Gordon.

Wyoming’s Frontier Stable Token (FRNT), the first stablecoin issued by a US state, is now available to the public following delays caused by lingering regulatory hurdles.

The state’s Governor Mark Gordon said on Wednesday that it is “the first fiat-backed, fully-reserved stable token to be issued by a public entity in the United States.”

He added that the token would provide “a cheaper, faster, and more transparent means of transacting,” and would be “another source of funding for our schools and can lower the taxpayer burden in our state.”

The token can be bought on the crypto exchange Kraken and is live on the Solana blockchain, but can be bridged to Arbitrum, Avalanche, Base, Ethereum, Optimism, and Polygon using the Stargate platform.

The stablecoin can also be bought through Rain, a Visa-powered, integrated card platform operating on the Avalanche blockchain.

A growing number of countries and banks have flagged plans to launch or adopt stablecoins as the success of such tokens has skyrocketed in the past year. The Bank of North Dakota has also announced plans in November to launch a state-issued token, the Roughrider coin, with the first test expected sometime this year.

FRNT was designed by the seven-member Wyoming Stable Token Commission and is intended for both individual and institutional use.

It is fully backed by US dollars and short-duration US Treasurys and the interest income generated by the reserves is returned to the state, the Governor’s office said.

Converse County Treasurer Joel Schell said that another key benefit of adopting FRNT is the lower fees associated with transfers compared to credit card processing costs.

Source: CoinTelegraph