Wyoming’s Frontier Stable Token (FRNT) is now available to the public, marking the first state-issued stablecoin in the United States. The Wyoming Stable Token Commission selected Franklin Templeton to manage the token’s reserves, with affiliate Fiduciary Trust Company International serving as custodian.
Franklin Templeton, which manages over $1.6 trillion in assets, brings expertise in both traditional finance and digital assets to the partnership. While the firm has significant blockchain experience, having launched the first tokenized money market fund issued by an incumbent asset manager and operating nodes on multiple blockchain networks, its role for FRNT focuses on conventional reserves management. The firm’s fixed income division oversees reserves invested in US dollars and short duration US Treasuries.
While the commission originally announced FRNT would launch across seven blockchain networks – Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, and Solana – the token is initially accessible only through two intermediary platforms. Cryptocurrency exchange Kraken offers FRNT on the Solana blockchain, while Rain, which provides a Visa powered card platform, supports the token on Avalanche.
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