Wyoming becomes first U.S. state with a stablecoin – But you can’t buy it yet

Key Takeaways

Wyoming has launched the Frontier Stable Token [FRNT], the first U.S. state-backed stablecoin, with initial access via Kraken and Visa-integrated platforms.

Wyoming has officially entered the stablecoin arena, becoming the first U.S. state-backed issuer to launch its own digital dollar.

Wyoming’s stablecoin initiative 

On the 19th of August, the Wyoming Stable Token Commission unveiled FRNT, a fully collateralized state-issued stablecoin, backed by U.S. dollars and short-term Treasuries.

By law, reserves must remain at 102% to provide added resilience.

The mainnet debut will take center stage at the Wyoming Blockchain Symposium, an event jointly organized by SALT and Kraken.

FRNT went live across seven major blockchains, including Ethereum [ETH], Solana [SOL], and Polygon [POL]. 

Yet, marking caution, CryptoAmerica host Eleanor Terrett noted on an X (formerly Twitter) post,

“Due to lingering regulatory hurdles, the token is not yet available to the public.”

As part of its regulatory design, Wyoming has insisted on a 2% over-collateralization buffer to ensure added resilience.

The commission also emphasized that FRNT will operate under strict statutory safeguards, remaining fully collateralized with U.S. dollars and short-term Treasuries as outlined in the GENIUS Act.

Wyoming Governor weighs in

Governor Mark Gordon praised the launch, saying Wyoming has passed over 45 pieces of blockchain-related legislation since 2016.

He added,

“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.”

Initial availability is expected on the Solana network via Wyoming-based crypto exchange Kraken in the coming days, with broader access planned across additional blockchains.

Visa integration is also available

The commission revealed that the FRNT stablecoin will debut through a multi-chain approach, made possible by its collaboration with blockchain interoperability protocol LayerZero.

While initial discussions mentioned availability through Solana and Kraken, officials stressed that full public release depends on regulatory clearance.

Investors will also be able to purchase FRNT through Rain’s Visa-integrated card platform on the Avalanche network, further enhancing its accessibility and real-world payment utility.

The debut coincided with the U.S. Treasury’s consultation on the GENIUS Act, which seeks to tackle illicit finance risks in stablecoins.

Wyoming’s FRNT highlights both the momentum of digital dollar experiments and the regulatory hurdles that still loom.