CHEYENNE (WNE) — Gov. Mark Gordon on Wednesday announced Wyoming’s historic launch of the first fiat-backed, fully reserved stable token to be issued by a public entity in the United States.

Gordon, chairman of the seven-member Wyoming Stable Token Commission, lauded the foresight of state legislators for “working nearly a decade to set the foundational legislation to make this venture possible.”

The Frontier Stable Token is now publicly available on Kraken, a Wyoming-domiciled cryptocurrency exchange and Special Purpose Depository Institution. Users can purchase the stable token on the Solana blockchain and transfer to additional blockchains using the Stargate platform. FRNT is currently supported on the Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon and Solana blockchains.

“Wyoming is an innovation leader for our nation — from our core energy, agriculture and tourism industries to education and beyond,” Gordon said in a news release. “Today, our embrace of digital assets further demonstrates the strength of our enterprise and provides our citizens, businesses, and the nation a cheaper, faster, and more transparent means of transacting. Importantly, FRNT provides another source of funding for our schools and can lower the taxpayer burden in our state.”

FRNT is designed for both individual and institutional use. It is fully backed by U.S. dollars and short-duration U.S. Treasuries, which return interest income to the state.

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