Wyoming Launches First State-Issued Stablecoin, Frontier Token (FRNT)

The state says the multi-chain rollout is designed to maximize accessibility and interoperability from day one.

Where Users Can Access FRNT

The stablecoin is not yet open for public purchase, but distribution will begin in the coming days. Kraken, which operates a Wyoming-domiciled entity, will list FRNT on Solana. Rain, a payment platform with a Visa integration, will also support FRNT transactions on Avalanche.

Revenue Model and Public Purpose

Unlike corporate stablecoins, Wyoming will not keep the yield from assets backing FRNT. Instead, interest generated from reserves will flow into the Wyoming School Foundation Program, which supports education funding.

Anthony Apollo, executive director of the Stable Token Commission, said the goal is to create “a self-sustaining financial tool” that benefits the state while offering citizens low-cost digital payments.

National Context

The launch comes weeks after President Donald Trump signed the GENIUS Act, a new federal framework for stablecoins. FRNT, however, sits outside the law because it is issued by a public entity rather than a private company. That distinction could give Wyoming more flexibility, though it also raises new legal questions.

The move also arrives three years after the collapse of Terra’s $40 billion ecosystem, an event that continues to shape regulatory debates around stablecoins. Wyoming officials argue FRNT’s structure, fully backed, overcollateralized, and audited—shows that government-backed models can offer stability where private issuers have faltered.