Wyoming has begun the live distribution of its state-backed stablecoin, deploying 100,000 Frontier Stable Tokens (FRNT) on each of seven major blockchains — Solana, Ethereum, Arbitrum, Base, Optimism, Polygon and Avalanche C-Chain — for a total of 700,000 tokens in what observers described as a controlled testing phase. Data from public blockchain dashboards indicated that the transactions occurred on October 20 and represent the first notable on-chain activity involving the asset since its mainnet launch in August.
The token is reported to be the first state-issued stablecoin in the United States. Officials behind the initiative positioned the launch as a demonstration that U.S. states can participate directly in digital asset issuance rather than limiting themselves to regulatory oversight. They also emphasized that FRNT is designed to generate revenue for Wyoming’s public budget, with income from reserve assets routed into an education endowment rather than accruing to private shareholders.
Structured for Transparency, Yield and Multi-Chain Reach
The design of FRNT links it to cash and short-term U.S. Treasuries held in trust, with Wyoming statute requiring a mandatory two percent overcollateralization buffer on top of full backing. Independent attestations and audits are scheduled on a monthly cycle through The Network Firm, while Franklin Advisers manages the underlying reserves. The state previously stated that the decision to deploy the token across several chains reflected a strategy to prioritize accessibility, distribution redundancy, and user optionality.
Officials associated with the stablecoin commission have argued that FRNT shows that governments can operate at the innovation layer, not only at the regulatory layer. They also confirmed that the first anticipated listing route was expected through Kraken, which operates in Wyoming, starting with a Solana-based version. That plan remains pending due to compliance and regulatory clearance delays. Commission statements earlier in the year signaled that beta testing and framework validation could precede a broader release to the public.
Wyoming tested FRNT in July through a contractor pilot on Avalanche, in partnership with Hashfire, reducing payment settlement times from weeks to near-instant speed. The outcome has been cited internally as evidence that state finance operations can be modernized through tokenized infrastructure.
Global Stablecoin Race Accelerates Alongside Wyoming’s Pilot
Wyoming’s controlled rollout comes against a backdrop of aggressive expansion in the global stablecoin industry. Market size has reached roughly 309 billion dollars by October 2025, representing a growth of nearly sixty-fold since late 2019. Large financial firms across North America, Europe, and Asia are moving toward issuance models of their own as regulatory clarity improves. Nine major banks — among them Goldman Sachs, Deutsche Bank, and Citigroup — announced a G7-aligned stablecoin initiative in October with explicit intent to compete with leaders such as Tether and Circle.
In Asia, Japanese megabanks are preparing to launch yen- and dollar-linked tokens with issuance targets in the trillions of yen over a multi-year horizon. South Korea’s regulators are drafting rules to enable won-denominated stablecoins, while the Solana Foundation and Wavebridge have formed a partnership to build tokenized versions designed to comply with those rules. Forecasts from global banks now project the stablecoin market to expand to between 1.9 trillion and 4 trillion dollars by 2030, depending on adoption trajectories.
Officials in Wyoming have not issued a timeline for further rollout of FRNT beyond its initial deployment addresses. Members of the state commission have remarked that demand and market conditions will dictate where and how the token is ultimately used. They also reiterated that transparency reports and attestations will continue to be published to verify reserve backing and operational compliance as the project moves through its testing and pre-public access phases.
