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The Frontier Stable Token (FRNT) is the first fiat-backed, fully reserved stable token issued by a public entity in the US, and demonstrates the impact of both ongoing advocacy of cryptocurrencies and the GENIUS Act.
Wyoming’s Stable Token Commission hailed FRNT’s launch on August 19, 2025 as a “historic move”.
FRNT launched on seven blockchains: Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon and Solana, which were chosen following a robust candidacy process, officials said.
“For years, Wyoming has been the leading state on blockchain, cryptocurrency, and digital asset regulation, passing over 45 pieces of legislation since 2016,” said Wyoming’s governor, Mark Gordon, who is also chairman of the commission.
“Wyoming reaffirms its commitment to financial innovation and consumer protection. The mainnet launch of the Frontier Stable Token will empower our citizens and businesses with a modern, efficient, and secure means of transacting in the digital age.”
Wyoming’s stablecoin will be fully backed by US dollars and short-duration treasuries, held in trust for token holders. It also has a legislatively mandated remit to achieve 2 percent overcollateralisation.
It will offer instant transaction settlement, reduced fees, and enhanced accessibility for all users, the commission said.
It added that FRNT will be available for purchase on the Solana blockchain through Wyoming-domiciled digital asset exchange Kraken in the coming days, as well as through Rain’s Visa-integrated card platform on the Avalanche blockchain.
FRNT is expected to become available for public purchase in September.
The first state stablecoin will set the pace for regulatory and payments modernisation and US adoption of cryptocurrencies, and will be closely monitored by regulators and lawmakers both nationally and internationally.
Summer of stablecoins
It has been a summer of significance for stablecoins, with Wyoming’s launch of FRNT following President Trump’s signing into law of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in July.
July also saw the introduction of a licensed stablecoin regime by the Central Bank of Bahrain. Providers will be able to issue single-currency stablecoins backed by the Bahraini dinar, the US dollar or any other fiat currency the central bank deems acceptable.
Hong Kong’s Stablecoin Ordinance, which establishes a regulatory regime for the issuance, marketing and offering of stablecoins, came into force on August 1.
The UK has taken a slower approach to cryptoassets and stablecoins, with the Financial Conduct Authority (FCA) still consulting on new rules for stablecoin issuance, crypto-asset custody and the financial resilience of crypto firms. These will form part of a comprehensive regulatory framework for the sector.
US CBDC opposition
The US’ enthusiastic embrace of stablecoins, which are designed to maintain a stable value by being tied to a reserve asset such as a fiat currency, contrasts sharply with its hostility to central bank digital currencies (CBDCs).
As covered by Vixio, the presidential working group on digital assets recently recommended that the US take tough action to deter the use of CBDCs domestically and overseas.
It said that the US should “discourage, oppose, and prohibit the ability of any agency from undertaking any action to establish, issue, or promote any CBDCs in the United States or abroad”.
CBDCs are moving through the stages of development. The EU is among a number of jurisdictions, also including Australia, Israel and Papua New Guinea, that are considering adopting digital currencies in various forms.
It remains to be seen whether stablecoins will come to dominate before CBDCs can fully get going, or whether the two will end up coexisting.
