As was reported yesterday, Wyoming is the first state to issue its own stablecoin. The dollar-based digital asset is called the Frontier Stable Token or FRNT.
The news was revealed during the Wyoming Blockchain Symposium, which took place this week in Jackson Hole.
The Wyoming Stable Token Commission officially launched FRNT today, described as a move that is said to cement the state’s leadership in blockchain innovation. FRNT will be globally accessible.
The Wyoming Stable Token Act (2023) established the Commission, which is tasked with issuing fully backed stablecoins that align with state laws.
Wyoming is issuing the stablecoin in partnership with LayerZero and its LayerZero’s Omnichain Fungible Token (OFT) Standard, an interoperability and token issuance platform. PayPal, Ethena, and others are using the same platform.
As mandated, FRNT will be fully backed by cash and short-duration US Treasuries. The interest generated from the reserves will be allocated towards the Wyoming School Foundation Fund.
Under the GENIUS Act, the law establishing federal rules for payment stablecoins, holders may not receive interest (otherwise they may be deemed securities).
Wyoming claims that its public sector governance, coupled with mandated transparency, distinguishes FRNT from privately issued stablecoins.
Anthony Apollo, Executive Director of the Wyoming Stable Token Commission, said that FRNT is live and available for real-world use.
The stablecoin may be used for global transactions with near-instant settlement and low fees. This compares to traditional wire and ACH systems, which can be costly and painfully slow. Unlike many private stablecoins, FRNT is said not to impose usage restrictions, described as a constitutionally-protected public asset.
The token is deployed across seven major blockchains – Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon, and Base – with smart contracts publicly accessible for full transparency and auditability.
LayerZero’s OFT architecture enables native interoperability across more than 130 blockchains, allowing FRNT to move freely without the complexities of liquidity fragmentation or reliance on wrapped assets.
Bryan Pellegrino, CEO of LayerZero, said his firm has become the infrastructure layer for the world’s stablecoins, and now the first government-issued stablecoin.
“Wyoming is setting a precedent for how public institutions can enter Web3 in a compliant, secure, and scalable way. FRNT represents the next chapter for digital assets – on-chain, multichain, and open.”
LayerZero reports that today, it supports over 61% of stablecoins, has processed more than 150 million cross-chain messages, secured $88 billion in assets, and facilitated over $110 billion in cross-chain value.
As federal and state authorities continue to develop digital asset frameworks, Wyoming’s launch of FRNT establishes a secure, transparent, and constitutionally compliant government-issued stablecoin in the United States.