FRNT: A new frontier in public finance

Last week, the state of Wyoming made financial history. At the SALT Symposium in Jackson Hole, it became the first U.S. state to launch its own state-issued digital money: the Frontier Stable Token (FRNT).

On one hand, the stabelcoin is pretty straightforward: It’s fully backed by U.S. dollars and short-term Treasuries, over-collateralized by 2% as mandated by law, and deployed across seven public blockchains.

But what makes this project so unique or interesting is that it is a new kind of state-issued money that could potentially create all kind of new infrastructure. From public finance modernization to programmable disbursements, Wyoming may have just opened a new chapter in the evolving story of Open Money.

What is FRNT?

FRNT is a fully reserved, dollar-pegged stablecoin issued by the Wyoming Stable Token Commission under the authority of the 2023 Wyoming Stable Token Act.

Each token is backed by real-world assets held in custody, which is a mix of cash and short-duration Treasuries, and includes a statutory overcollateralization buffer to reinforce trust.

FRNT is already live on Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, and Solana, facilitated through LayerZero’s cross-chain protocol, with Fireblocks providing secure custody, and Franklin Advisers managing the reserves. Independent audits and attestations are handled by The Network Firm, with open-source intelligence from Inca Digital ensuring public visibility.

The initial pilot included a transformative use case: real-time contractor payments. What used to take 45 days by paper check was reduced to a few seconds.

One idea floated along with the announcement of FRNT is that the treasury yield for the token could flow to other public programs, such as the Wyoming School Foundation Program, which supports public education in the state.

Why now?

This innovation has been in the works for a long time. Wyoming has laid the groundwork since 2016, enacting over 45 digital asset laws and establishing itself as the most crypto-forward state in the U.S.

The 2023 Stable Token Act was a culmination of that effort, creating the legal infrastructure for FRNT and the commission behind it.

On the federal level, timing is equally strategic. The recently passed GENIUS Act set a national regulatory framework for stablecoins but crucially left out state governments. That omission gives Wyoming a temporary regulatory lane to innovate while federal guidelines remain in flux.

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Why it matters for Open Money

Within the Open Money framework—which champions trust, programmability, inclusivity, and transparency in monetary systems — FRNT aligns on nearly every front:

• Trust through legitimacy: Unlike private stablecoins like USDC or USDT, FRNT is issued under law, by a state, with public oversight and institutional-grade reserve management.
• Programmability and speed: FRNT runs on multiple chains, making it programmable and instantly transferable. Imagine tax refunds disbursed quickly (and cheaply) onchain, or disaster relief deployed within minutes.
• Access and transparency: With open-source reporting, public reserve attestations, and integrations with other easy-to-use infrastructure, FRNT promotes real accessibility, not just in terms of use but also in terms of understanding.
• Sovereign digital money: This is a true shift from private financial architecture to public issuance. FRNT is not a pilot in theory but a fully deployed monetary instrument, raising a profound question: what if governments, not just corporations, own the rails of digital money?

Why do we need an Open Money framework?

One of the hardest things about learning new systems is figuring out what parts are the most important. A framework provides a starting point.

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Strategic implications

The new frontier

Wyoming has spent nearly a decade quietly constructing the legal scaffolding for digital finance.

This is why having clearly outlined and well-defined space for financial innovation matters. Why there’s a popular narrative that digital assets are only useful for crypto bros, there are plenty of instances where the verifiable and efficient aspects of onchain finance are a net public good.

From the Open Money perspective, FRNT is less about crypto and more about public infrastructure. It demonstrates what money can look like when it’s reimagined as a civic utility, not just a financial product.

But ambition doesn’t guarantee adoption. If FRNT stays confined to pilot projects or niche users, it risks becoming a regulatory curiosity. But if it catches on, and if contractors, citizens, and cities actually start using it, then FRNT could redefine the function and form of money.

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What’s next

All eyes are now on adoption. Partnerships with platforms like Rain and Kraken, real-world spendability through Visa rails, and government use cases will be key indicators. The more FRNT becomes part of everyday transactions, the more powerful its precedent becomes.

We should also expect state competition. With Wyoming taking the lead, others may follow. That could either drive innovation or deepen fragmentation, all depending on how well these systems interoperate.

Finally, there’s the question of federal response. Will FRNT push agencies to clarify their stance on state-issued digital money? Or will they erect roadblocks? Either way, the launch of FRNT forces the conversation.