Wyoming’s Frontier Stable Token (FRNT) is now available for purchase on a cryptocurrency exchange platform, and the Stable Token Commission’s director said the next step is scaling it.
The state first launched this blockchain-based stable token, believed to be the first such token issued by a U.S. public entity, in August. It aims to support digital payment transactions securely, for people and institutions — backed by U.S. dollars so that “traditional” currency is supporting the token.
The state Legislature created the commission in March 2023 by passing the Wyoming Stable Token Act, though its work to advance cryptocurrency dates back even further.
FRNT became available Jan. 7 on Kraken, a cryptocurrency exchange and Special Purpose Depository Institution — the latter of which is a Wyoming-chartered bank designed to support digital assets.
“Now we’ve gotten to the starting line,” Anthony Apollo, the commission’s executive director, said.
Users can purchase FRNT on Kraken via the Solana blockchain network and transfer it to additional blockchains with the Stargate platform. Currently, FRNT is supported by the blockchain networks Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon and Solana.
Apollo described the token as a “public good for the state of Wyoming.”
State government can use the digital asset in various ways. For example, the state’s distribution of unclaimed property is typically subject to wire transfer fees; that redemption process could be accelerated with the stable token, Apollo said.
Another potential use case is to allow residents to make payments with the stable token, rather than credit cards. Converse County Treasurer Joel Schell has said his office saw about $3.4 million in credit card transactions last year, costing people around $70,000 in processing fees. If those payments were made with the stable token, those fees could “go away,” Apollo said, creating tangible savings.
Use of the token earns interest that comes back to the state — specifically to its School Foundation fund — because it is backed with a combination of cash, short-duration U.S. Treasuries like Treasury Bills and purchases thereof. The latter two are interest-bearing.
Now that FRNT is available for purchase, the next step is to scale it, Apollo said. This will involve partnerships with other entities, including payment platform vendors, to make it more usable for payments “in real life” and able to be used in a digital wallet.
The cryptocurrency market hit a record high in 2025. Last year, New York City’s mayor unveiled plans to establish a digital asset advisory council in an effort to advance blockchain technology. Even the federal government has been exploring how it can support broader cryptocurrency use.
Wyoming’s work with FRNT is getting national attention, and Apollo said there have been conversations with officials in about 12 other states that are looking to Wyoming’s progress as a blueprint. New Hampshire has established the Stable Token Study Commission; Apollo said the state’s approach to the work is similar to that which has taken place in Wyoming.
FRNT garnered other states’ interest, but also that of other countries, Apollo said. He has spoken, he said, with policymakers in Japan and South Korea about stablecoin frameworks. The focus in those nations has been on the dichotomy of a central bank digital currency versus the private issuance of stablecoins. This contrast is largely related to who issues the token, how they are backed, and the purpose they serve.
“What we’ve demonstrated is that there’s more middle ground,” the executive director said.
The process to develop and launch Wyoming’s token has involved “unparalleled transparency,” he said. Each of the commission’s meetings since its launch have been held in person, and meeting materials are available online. Rules have gone through a 45-day public comment period. Early attestation reports have been published, and more are expected. Apollo said he hopes Wyoming’s transparent approach establishes standard best practices in the industry.
One lesson Apollo said he has learned through the process of advancing FRNT is to spend more time earlier on looking at the statutory updates needed to more efficiently maximize the impact of FRNT. Within the context of distributing unclaimed property, for example, statute changes may be needed to ensure the Unclaimed Property office can handle digital assets. Current statute allows it to handle intangibles such as checks, income, stocks and bonds, but digital assets have not yet been defined as intangible.
Taking on the statutory requirements and definitions earlier could have shown more proactively how citizens could benefit from FRNT, Apollo said, and built interest and support earlier on.
The commission launched in 2023, but the Wyoming Legislature has been considering a framework for digital assets as far back as 2016, with the legislative work led in large part by the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology.
When he joined the commission, which is made up of both public- and private-sector experts, Apollo said there was buy-in from the start to create the state’s stable token, enabling him to provide the leadership and operational support to advance that work.
“This is meant to be a revenue diversifier and a public good for the state,” he said.
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