​Wyoming launched the Frontier Stable Token (FRNT) on August 19, 2025, making it the first US state to publicly issue a stablecoin. FRNT is backed by US dollars and short-term Treasuries at a mandated 102% reserve ratio and lives on seven blockchains. As of June 2026, no other state has launched a competing token, though Wyoming officials report active interest from about a dozen states and several countries. The GENIUS Act, signed July 18, 2025, explicitly created a state-path option, and Treasury proposed the framework for acceptable state regimes in April 2026, which is the gating event for the next launches.
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FRNT is issued by the Wyoming Stable Token Commission, a state body established to operate the token under statute. Each token is redeemable for one US dollar. Reserves are held in US dollars and short-term US Treasury bills, with a legally mandated 102% reserve ratio. Two percentage points above parity is overcollateralization by statute rather than by issuer choice.
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The token launched on seven blockchains at once: Ethereum, Solana, Avalanche, Polygon, Arbitrum, Optimism, and Base. Public sales opened January 7, 2026, with the commission reporting roughly US$1.5 million in sales through January 13. The token is meant to function as a state-rails payment instrument and as a transparency proof of concept, not as a profit center for the state.
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The Wyoming Stable Token Commission publishes its reserve reports through stabletoken.wyo.gov. Franklin Templeton is the named reserve manager, with Fiduciary Trust Co. International (a Franklin Templeton affiliate) acting as custodian. The commission's factbook for the 2026 budget session is public via the Wyoming legislature.
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Wyoming has built a crypto policy stack over the last six years: the special-purpose depository institution charter, the DAO LLC statute, the digital asset custody framework, and now the state stablecoin. That work created the institutional muscle to execute. No other state has equivalent ground-up legal scaffolding ready to issue today.
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The other Wyoming advantage is structural. The Stable Token Commission is a state body, not a private issuer. The state can mandate a 102% reserve ratio by statute and back it with the full faith of the state's process, which a private issuer cannot.
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Wyoming officials told trade press in 2025 that they had spoken with roughly a dozen US states about replicating the model. The publicly named interested jurisdictions also include several countries (Japan and South Korea among them). No state has publicly committed to a launch date.
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Several digital-token-friendly states (including Texas, Florida, and North Dakota) have studied or filed legislation around state-issued tokens and digital-asset reserves, though none has reached the operational stage. The pattern that would predict a launch is the same one Wyoming followed: digital asset custody framework first, then a state commission or trust authority, then a token. States with crypto-friendly legislatures and existing trust-charter infrastructure are the most likely candidates.
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The GENIUS Act, signed July 18, 2025, created a federal state-path option. Treasury issued proposed principles for acceptable state stablecoin regimes in April 2026. Until that framework is finalized, any state launching a token has to operate with uncertainty about whether their regime will qualify under federal certification. That alone has likely paused launches that might otherwise have followed Wyoming's timeline.
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A state-issued stablecoin is a public-sector instrument. The issuer is a state commission, trust, or authority operating under state statute. A federal-charter stablecoin under the GENIUS Act is a private-sector instrument issued by a permitted payment stablecoin issuer (PPSI) supervised by the OCC, Fed, or FDIC.

The first replication of the Wyoming model is the signal to watch. A second state launching would mean: the GENIUS Act state-path framework was clear enough to plan against, the operational template (commission + reserve manager + multi-chain deployment) is portable, and FRNT's reserve buffer held through its first year without incident. Any of those failing would slow the next launch.
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The most-watched dimension is reserve performance. FRNT's 102% buffer is structurally higher than what the GENIUS Act requires of federal PPSIs. If FRNT operates through 2026 without a peg event, the case for state-issued tokens strengthens. If it has even a minor wobble, the political appetite for state programs cools.
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A state-issued stablecoin needs the same operational stack as a private one: reserve manager, custodian, attestation auditor, redemption agent, smart contract deployment partner, and listing relationships with exchanges. Wyoming's setup is documented through the Stable Token Commission's public filings, with Franklin Templeton as reserve manager and Fiduciary Trust Co. International as custodian. Future state programs are likely to either replicate Wyoming's vendor stack or build alongside an existing federally-chartered partner.
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FRNT launch details and reserve specifics drawn from coverage at CoinDesk, CCN, TechRepublic, and the Wyoming Stable Token Commission factbook published through the Wyoming legislature. GENIUS Act context drawn from the public law text on congress.gov and Treasury releases on home.treasury.gov. Where state-program detail could not be confirmed from a primary source, the figure is marked [VERIFY].
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