On August 19, Wyoming launched the Frontier Stable Token (FRNT), under the supervision of the Wyoming Stable Token Commission (WSTC), making it the first state in the U.S. to issue a government-backed stablecoin. The initiative offers a blockchain-based digital token fully backed by U.S. dollars and short-term Treasuries, with a statutorily mandated 2 percent overcollateralization. As previously covered by InfoBytes, Wyoming enacted the Wyoming Stable Token Act on March 17, 2023, which created the WSTC and authorized the issuance of stablecoins in the state.

In addition to launching the stablecoin on seven blockchains, the WSTC partnered with private sector firms for token issuance, custody and financial audits throughout the development of FRNT. In a press release, Governor Mark Gordon announced that the stablecoin would be released to the public in the days following the August 19 announcement.