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Wyoming Issues First US State Stablecoin with 2% Statutory Buffer
The Frontier Stable Token runs on eight blockchains with reserves managed by Franklin Templeton. A dozen other states are watching the model as federal legislation looms.
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Wyoming has launched the Frontier Stable Token, or FRNT, becoming the first US state government to issue a fully fiat-backed stablecoin. Public sales began January 7, 2026, on the Kraken exchange. Within the first week, roughly $1.5 million worth of FRNT had been purchased.
The token is backed by US dollars and short-duration Treasuries. Franklin Templeton and Fiduciary Trust Company manage the reserves. One detail separates FRNT from most private stablecoins: a mandatory 2% statutory over-collateralization. For every $1 of FRNT in circulation, $1.02 sits in reserves. That buffer is written into law, not a corporate policy subject to change.
The Wyoming Stable Token Commission oversees the operation. Governor Mark Gordon chairs it, with Executive Director Anthony Apollo at the helm. Apollo was appointed in September 2023, meaning the project spent over a year in development before the launch.
FRNT is live on eight blockchains: Ethereum, Solana, Avalanche, Arbitrum, Base, Optimism, Polygon, and Hedera. Most new stablecoins start on one or two chains. Wyoming went broad from day one.
The reserves generate yield from Treasuries. That interest income does not go to token holders. It flows to Wyoming's School Foundation Fund. Every dollar parked in FRNT reserves earns money for the state's education system.
The Commission envisions FRNT being used for government disbursements, including state tax refunds or grant payments. The token settles in seconds compared to waiting for a paper check.