Wyoming’s Sovereign Stablecoin FRNT Opens for Public Trading
Wyoming’s FRNT stablecoin is finally tradable on Kraken and Rain, featuring a 102% statutory reserve backing managed by Franklin Templeton.
Retail Access Goes Live on Kraken and Rain
The Wyoming Stable Token Commission officially opened public trading for the Frontier Stable Token (FRNT) today, five months after its initial mainnet deployment. As the first fiat-backed stablecoin issued by a U.S. public entity, FRNT is now available to retail investors via Kraken (on Solana) and the Visa-integrated platform Rain (on Avalanche), according to the official state portal.
While the Commission deployed the token contracts across seven blockchains, including Ethereum, Arbitrum, Base, Optimism, and Polygon, in August 2025, regulatory hurdles delayed public liquidity until today. The token features a statutory mandate requiring 102% overcollateralization, backed exclusively by U.S. dollars and short-term Treasury bills held in trust.
Institutional Mechanics & Yield Strategy
Wyoming selected Franklin Templeton to manage the reserve assets, with Fireblocks providing the custody infrastructure. Unlike private issuers like Tether or Circle, the revenue generated from the reserve yield does not profit shareholders. Instead, the state directs the interest income to fund Wyoming’s public school system.
“FRNT facilitates dollar-denominated transactions on a peer-to-peer basis… incurring fees of < $0.01.” Wyoming Stable Token Commission
The token adheres to the ERC-20 and OFT (LayerZero) standards to ensure cross-chain interoperability. However, direct issuance is gated; the Commission does not sell FRNT directly to consumers. Distribution relies entirely on approved resellers like Kraken, which screens buyers against exclusion lists.
Market participants can verify the token contract on EVM chains at 0x5E81...0574Fc. The launch tests the appetite for a state-run digital dollar in a market dominated by $190 billion of private stablecoin liquidity.
