The stablecoin wars just went public.
Wyoming unveiled FRNT, the first state-backed stablecoin in U.S. history – backed by U.S. Treasuries, with yield flowing not to corporate shareholders, but to fund public schools.
This flips the Tether/Circle model on its head.
History is rhyming: just like the “Free Banking Era” of the 1800s, when states and banks issued their own notes, we’re entering a new chapter where digital dollars are minted by many, not one. The difference? Every new state-backed stablecoin strengthens U.S. dollar dominance globally. This isn’t about Wyoming alone. It’s about who controls America’s digital money rails. [ANALYSIS]
The timing couldn’t be better: as Wyoming launches the first state stablecoin, we’ve just released our flagship report on programmable money, laying out how tokenised dollars will reshape payments, treasuries, and settlements. [Read the report]
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Wyoming revealed Frontier Stable Token (𝗙𝗥𝗡𝗧), the first state-backed stablecoin in U.S. history, pegged 1:1 to the dollar and collateralised with cash + Treasuries (2% overcollateralised). It is available on Ethereum, Solana, Avalanche, and others, with Franklin Advisers managing reserves and LayerZero handling issuance. With 45+ crypto laws and Kraken listing FRNT day one, the state is positioning itself as America’s first digital settlement hub. [WEBSITE]
