Wyoming is launching a fully reserved, state-run dollar stablecoin on Solana, using Franklin Templeton as asset manager and LayerZero bridges to bring the token to major EVM chains.
Summary
- Wyoming introduces the Frontier Stable Token on Solana, backed by cash and short-term government bonds, with Franklin Templeton managing the reserves and Fiduciary Trust as custodian.
- Interest on reserves will help fund state school programs while providing users with second-tier benefits, low costs and on-chain transparency under a state regulatory framework.
- The token lists via Wyoming-based Kraken and can bridge to Ethereum, Arbitrum, Base, Optimism, Polygon and Avalanche via LayerZero, after testing in 11 candidate networks.
Wyoming has issued its first state-backed stablecoin, the Wyoming Frontier Stable Token, making it available for public purchase on the Solana blockchain, state officials announced.
Wyoming and stablecoin on SOL
The dollar-pegged token represents the first officially launched state-run blockchain asset in the United States, according to the US government Wyoming Stable Token Committee. Franklin Templeton manages the token’s reserves, while Fiduciary Trust Company International offers custody services.
The token is fully backed by US dollars and short-term government bonds. Interest from the reserves will fund Wyoming’s school programs, officials said.
Wyoming officials said the token combines public accountability and regulatory oversight with blockchain efficiency, enabling settlement in seconds, minimal transaction fees and auditability for private and institutional users.
The state has passed legislation recognizing decentralized autonomous organizations (DAOs) as legal entities, established frameworks for crypto banks under the Special Purpose Depository Institutions charter, and passed the Stable Token Act to enable compatible blockchain tokens.
The token is available for purchase through the Wyoming-based exchange Kraken and offers cross-chain bridging via LayerZero to Ethereum, Arbitrum, Base, Optimism, Polygon and Avalanche networks.
According to state officials, Solana was selected as the native blockchain after the commission tested 11 networks during a consultation period.
The project was originally scheduled to start Monday, but was postponed due to technical issues.
Wyoming officials described the token as a demonstration of potential for public-private partnerships in financial innovation, emphasizing transparency, regulatory alignment and reduced counterparty risk compared to privately issued stablecoins.
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