The state of Wyoming is set to become the first US state to issue its own dollar-pegged stablecoin.

According to a new official announcement from Wyoming Governor Mark Gordon, the Cowboy State is leading the charge in state-issued stablecoins by launching the Frontier Stable Token (FRNT).

FRNT is backed by US dollars and short-term treasury reserves and will be available for use by all individuals and businesses to use, whether Wyoming-based or not.

The token was launched in partnership with LayerZero and will have smart contract addresses on Arbitrum (ARB), Avalanche (AVAX), Base, Ethereum (ETH), Optimism (OP), Polygon (POL) and Solana (SOL).

FRNT will be available for purchase on Solana via Kraken later this week.

Says Governor Gordon, who is also the Chairman of the Commission, of the new stablecoin project,

“For years, Wyoming has been the leading state on blockchain, cryptocurrency, and digital asset regulation, passing over 45 pieces of legislation since 2016.

Today, Wyoming reaffirms its commitment to financial innovation and consumer protection. The mainnet launch of the Frontier Stable Token will empower our citizens and businesses with a modern, efficient, and secure means of transacting in the digital age.”

Reports of Wyoming’s interest in a state-issued US-dollar-backed stablecoin began to surface almost exactly a year ago.