Wyoming Stablecoin Committee Announces Launch of Frontier Stable Token (FRNT) Mainnet
On Tuesday, the Wyoming Stablecoin Committee announced the launch of the state-supported stablecoin, the Frontier Stable Token (FRNT) mainnet, with plans to open token purchases in September. FRNT is the first stablecoin in the United States issued by a public institution, backed by fiat currency, and possessing full reserves, aimed at “providing secure, transparent, and efficient digital transactions for individuals, businesses, and institutions worldwide.”
FRNT is fully backed by cash and short-term U.S. Treasury bills, managed in trust by Franklin Advisers, and is required to maintain at least 102% over-collateralization by law to ensure its stability. The Wyoming Stablecoin Committee stated:
The stablecoin will initially be issued on seven blockchains including Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, and Solana, and will achieve interoperability through communication protocols from LayerZero and Fireblocks.
In the coming days, FRNT will be available for purchase on the Solana chain via the cryptocurrency exchange Kraken, as well as through Rain’s Visa-integrated payment card platform on the Avalanche chain. The Wyoming Stablecoin Committee previously engaged Inca Digital to provide monitoring and analytical services for the stablecoin.
The launch of FRNT comes one month after U.S. President Trump signed the first federal stablecoin legislation, the GENIUS Act, which not only established a legal framework for stablecoin issuers to operate within the United States but also sparked a wave of interest from financial institutions and crypto companies entering the field. According to data from DefiLlama, the total market capitalization of stablecoins worldwide has now reached $276 billion.
Wyoming has long been at the forefront of cryptocurrency regulation compared to other regions in the United States, including recognizing the legal status of DAOs (Decentralized Autonomous Organizations), establishing a “crypto bank” framework under the SPDI (Special Purpose Depository Institution) charter, and passing state-level stablecoin legislation. These measures are all aimed at attracting more economic activity to the state.