As the crypto boom continues, governments are setting their sights on this emerging asset while the federal government backs these advances.
Wyoming’s new blockchain-based stable token is the first such asset issued by a U.S. public entity, according to an announcement from the Wyoming Stable Token Commission — which state Gov. Mark Gordon chairs. Lawmakers created the commission in March 2023 with the passage of the Wyoming Stable Token Act.
“The mainnet launch of the Frontier Stable Token will empower our citizens and businesses with a modern, efficient, and secure means of transacting in the digital age,” Gordon said in a statement. (A mainnet is a blockchain network where cryptocurrency transactions are conducted.)
FRNT aims to support digital payment transactions for individuals, business and other institutions in a secure and transparent way. It will be fully backed by U.S. dollars and short-duration treasuries, ensuring “real” — or traditional — money is supporting use of the token. FRNT’s stability is also supported by a legislatively mandated remit. Essentially, the state regularly sets money aside to ensure that if every FRNT user wanted to cash out their tokens simultaneously, there would be a cushion with which to ensure everyone can do so.
“That’s why it’s a ‘token’ and not a ‘coin.’ In fact, we’re very careful about calling it a ‘token’ and not a ‘coin,’” state Sen. Chris Rothfuss has said. Rothfuss is co-chair of the state Legislature’s Select Committee on Blockchain, Financial Technology and Digital Innovation Technology.
Tuesday’s launch builds on the state’s previous work on blockchain, cryptocurrency and digital asset regulation; Gordon touted the passage of more than 45 pieces of related legislation since 2016 in a statement.
The Cowboy State is home to the 2025 Wyoming Blockchain Symposium, held Monday-Thursday this year, hosted by SALT and Kraken with support from the University of Wyoming Center for Blockchain and Digital Innovation. At the event, U.S. Sen. Cynthia Lummis of Wyoming discussed federal and state policy around cryptocurrency, as shown in the video from SALT below.
The initial target date for the FRNT launch was July 4, but Wyoming Stable Token Commission Executive Director Anthony Apollo said in an email to the Wyoming Tribune Eagle that compliance and testing were priorities prior to its debut.
LayerZero has served as the token issuance partner for this launch. Other partners include Fireblocks for blockchain infrastructure, Franklin Advisers for reserves management, Inca Digital for open source intelligence, and The Network Firm for financial audit and monthly attestations.
FRNT has been launched across seven blockchains, enabling the token to exist on multiple such networks: Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon and Solana. The token is expected to be purchasable this week on the Solana blockchain through digital asset exchange and on the Avalanche blockchain through a Visa-integrated card platform.
