The First State Backed Stablecoin
Share this @internewscast.com

In a pioneering initiative that could reshape the stablecoin realm, Wyoming has introduced the Frontier Stable Token (FRNT), marking a historical first as a U.S. state launches its own stablecoin.

Unveiled today at the Wyoming Blockchain Symposium in Jackson Hole, FRNT stands as a fully reserved, dollar-pegged asset meant to integrate traditional finance with blockchain innovation. Supported by short-term U.S. Treasuries and cash equivalents with a legal requirement for 102% over-collateralization, the token seeks to bring stability, efficiency, and public advantages, areas previously dominated by private issuers like Tether and Circle.

The launch represents more than just a technological advancement; it’s a strategic shift toward state-managed digital currencies. Wyoming Governor Mark Gordon depicted FRNT as a means to provide “citizens and businesses with a contemporary, efficient, and secure avenue for digital transactions.”

Rolled out across seven major blockchains—including Ethereum, Solana, Arbitrum, Avalanche, Polygon, Optimism, and Base—the token utilizes collaborations with LayerZero for interoperability, Fireblocks for infrastructure, and Franklin Advisers for reserve management.

FRNT is not yet publicly available as it awaits regulatory approvals. Initial public access is planned through Solana on the Kraken exchange and Avalanche via Rain’s Visa-integrated card platform, enabling easy expenditure wherever Visa is usable, including Apple Pay and Google Pay. A key distinction for FRNT is its public-centric model. Unlike Tether and Circle, which redirect reserve interests toward corporate gains, FRNT’s profits will directly bolster Wyoming’s School Foundation Program, aiding public education.

Anthony Apollo, executive director of the Wyoming Stable Token Commission, emphasized that FRNT could revolutionize government operations, enabling instant vendor payments, on-chain tax refunds, and social benefits distribution. Early tests have already demonstrated real-time payments for state contractors on Avalanche-based platforms.

This development echoes the chaotic “Free Banking Era” from 1837 to 1866, when thousands of private banks issued their own notes, leading to counterfeiting, volatility, and economic disarray until the federal government standardized currency. Critics worry FRNT could fragment the system anew, but proponents argue it strengthens dollar dominance.

Each FRNT token increases demand for U.S. Treasuries, requiring more USD backing as states potentially follow suit. Far from undermining the greenback, it could amplify its global reach, especially as stablecoins facilitate cross-border payments and remittances. Yet, FRNT’s launch ignites a broader battle over America’s digital money infrastructure: states versus corporations, public profits versus private gains, government reserves versus corporate treasuries.

Wyoming, long a crypto-friendly haven with progressive blockchain laws, positions itself as a pioneer against federal inertia. The state formed its Stable Token Commission in 2023, evolving from earlier concepts like the Wyoming Stable Token (WYST). The launch comes on the heels of the the GENIUS Act, a regulatory framework for stablecoins signed into law by President Trump.

A looming constitutional hurdle is Article 1, Section 10, which prohibits states from coining money or emitting bills of credit, restricting legal tender to gold and silver. FRNT does not represent the issuance or “coining” of money. It wraps existing money in technology that raises it’s velocity and creates demand for US Treasuries. Wyoming argues it’s not a central bank digital currency (CBDC). Rep. Tom Emmer called it “a state-issued CBDC by another name.”

The Federal Reserve, scheduled to meet for its annual Jackson Hole Economic Policy Symposium on August 21st, is historically wary of state encroachments and has not issued an immediate response. Some experts urge the Fed to embrace it, as it aligns with dollar hegemony without the privacy risks of a full CBDC.

Wyoming’s bold step represents the launch of a new era of “stablecoin wars” where public entities challenge private empires.

Share this @internewscast.com
You May Also Like
Father of 3 shot dead confronting suspected graffiti vandal, weeks before wedding: officials

Father of Three Fatally Shot While Confronting Alleged Graffiti Vandal, Just Weeks from His Wedding: Authorities Report

A man, father to three children and set to marry later in…
Trump saves American lives with ‘overwhelming force’ against drug smugglers encroaching on US beaches: expert

Expert Says Trump Protects American Lives by Forcefully Combating Drug Smugglers on US Beaches

As President Donald Trump ramps up efforts to combat drug trafficking groups,…
Cops hunt armed perp in caper that left elderly couple burned to death

Police pursue suspect in deadly incident where elderly couple was burned alive

New York City police have launched a manhunt for an ex-con serial…
Decarlos Brown facing federal charge | Deadly light rail stabbing in Charlotte

Decarlos Brown Charged by Feds | Fatal Stabbing Incident on Charlotte Light Rail

Decarlos Brown, 34, could face either life in prison or the death…
Video games help students level up

How Video Games Boost Student Skills

Not too long ago, professors Stan Altman and Brian Schwartz only knew…
Nepal PM resigns amid social media protests, 19 deaths

Nepal’s Prime Minister Steps Down Following Social Media Uproar and 19 Fatalities

Demonstrations led by young people angry about the blocking of several social…
Ghoreishi Fired by Levin's Stepson for Not Echoing Israel Policy

Levin’s Stepson Dismisses Ghoreishi for Diverging Stance on Israel Policy

Shahed Ghoreishi, a former State Department press officer, alleges he was fired…
Democrats Try New Narrative About Red States and Crime...and Get Torched

Democrats’ New Story About Crime in Red States Faces Backlash

White House Press Secretary Karoline Leavitt robustly countered the Democrats’ recent assertion…
Pig kidney trasnplant: Bill Stewart of Dover, New Hampshire is 2ns Mass General patient to get surgery in new clinical trial

New Hampshire Man Becomes Second Patient at Mass General to Receive Pig Kidney in Groundbreaking Trial

WASHINGTON — An individual who identifies as a science enthusiast has recently…
Jacksonville council tensions rise amid budget debate and walkout

Tensions Escalate in Jacksonville Council During Budget Talks and Walkout

Jacksonville City Council’s meeting turned contentious as members debated amendments blocking funding…
ICE agents break car window to arrest resisting illegal immigrant in exclusive Fox News ride-along

ICE Agents Smash Vehicle Window to Detain Defiant Undocumented Immigrant During Fox News Exclusive Ride-Along

U.S. Immigration and Customs Enforcement (ICE) launched Operation Midway Blitz in Chicago…
Former Chicago Public Schools CEO Paul Vallas, DePaul University professor weigh in on Nation's Report Card

Ex-Chicago Public Schools CEO Paul Vallas and DePaul University Professor Discuss Nation’s Report Card

CHICAGO (WLS) — A local former education leader and college professor are…