This week, Wyoming announced that it would issue a dollar-based stablecoin (FRNT), benefiting from the recent passage of federal stablecoin legislation (the GENIUS Act) and existing rules in the state, the Wyoming Stable Token Act. The announcement was made at the Wyoming Blockchain Symposium.
As part of the stablecoin issuance, Rain, a global credit card issuer and a Visa Principal Member, will offer a card that is tied to FRNT.
Rain states that its stablecoin infrastructure will allow FRNT to be used anywhere, including in conjunction with Apple Pay and Google Pay. The card is using Avalanche to manage the stablecoin.
Anthony Apollo, Executive Director of the Wyoming Stable Token Commission, called the issuance of FRNT a “paradigm shift.”
“In addition to regulation, public entities now have a model for innovation that can make government processes significantly more efficient. From paying vendors in seconds to enabling tax refunds and social benefits on-chain, FRNT brings state action into the programmable era.”
FRNT is being called a “blueprint” for public-private partnerships, predicting other states will follow.
A state-issued stablecoin may be used for government transfers and payments, with value moved immediately, in contrast to the typically slow processes tolerated today.
John Wu, President of Ava Labs, says FRNT proves that blockchain-powered government can be a good thing.
“By launching natively on Avalanche, FRNT combines legal accountability with sub-second finality, low fees, and seamless interoperability – all essential ingredients for blockchain to deliver real economic utility. We’re excited to be a part of this historic financial innovation.”
Wyoming has long been a leader in digital asset support, having passed 45 different blockchain-focused laws since 2016.