Wyoming Issues First State Stablecoin Using Solana Blockchain Network

TLDR

• Wyoming has become the first U.S. state to issue its own stablecoin named Frontier Stable Token or $FRNT.
• The state selected the Solana blockchain network to launch and operate the $FRNT token.
• $FRNT is fully backed by U.S. dollars and short-term Treasuries held in trust by the State of Wyoming.
• Franklin Templeton manages the reserves while Fiduciary Trust Company International serves as the custodian.
• Governor Mark Gordon stated that this launch represents a milestone for Wyoming’s digital asset strategy.

Wyoming has launched the first U.S. state-issued stablecoin on January 8, choosing the Solana blockchain for this release, and named the token “Frontier Stable Token” ($FRNT), backed by U.S. dollars and short-term Treasuries, which are held in trust and managed by Franklin Templeton and its affiliate Fiduciary Trust Company International.

$FRNT Launches Under State Oversight on Solana

Wyoming became the first state to issue a stable token directly under state authority and launched $FRNT on Solana. The Wyoming Stable Token Commission developed and approved the token under the Wyoming Stable Token Act passed in March 2023.

Governor Mark Gordon announced the official launch and described the project as part of Wyoming’s ongoing digital asset leadership. He said, “We are demonstrating how thoughtful, transparent regulation and new technologies can expand access and strengthen trust.”

Franklin Templeton manages the reserves backing $FRNT, while its custodian, Fiduciary Trust Company International, oversees the assets. These consist only of U.S. dollars and short-term Treasuries, ensuring full reserve coverage for each token issued.

The state emphasized that $FRNT differs from corporate stablecoins like USDT and USDC due to its legal structure and transparency. Wyoming ensures all issuance, custody, and asset management occurs within a fully compliant and regulated framework.

Franklin Templeton and State Team Up for Compliance

Franklin Templeton collaborated with Wyoming to bring $FRNT to market under a compliant model that prioritizes transparency and legal clarity. CEO Jenny Johnson stated, “This shows what’s possible when public and private sectors work together.”

The company emphasized that the project aligns with fiscal policy and meets the state’s legal requirements for public asset backing. The structure ensures all funds remain fully redeemable and verifiable under oversight.

Unlike private tokens, $FRNT maintains accountability through public reporting and a clear legal foundation provided by the State of Wyoming. This makes it the only U.S. stablecoin issued under direct state governance.

Wyoming structured the token to offer benefits to governments, institutions, and retail users by enabling fast, low-cost digital settlements. It was built to meet the operational needs of all user groups with equal transparency.

Solana, Kraken, Rain, and LayerZero Enable Access

The token is live on the Solana network and available for public purchase through the Kraken exchange. It is also accessible through Rain, a Visa-enabled platform, on Avalanche for broader reach.

Solana’s network offers fast processing and low fees, which supports $FRNT’s goal of delivering cost-efficient settlements. The team selected Solana based on its performance benefits and existing ecosystem.

To enhance functionality, $FRNT uses LayerZero to enable interoperability with other blockchains. Fireblocks secures the blockchain infrastructure, supporting secure transfers and operations.

Wyoming confirmed that $FRNT is available to users worldwide, not just residents within the state. This includes investors, institutions, and governments seeking stable digital settlement tools under U.S. state compliance.

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