The First State-Issued Stable Token: How Wyoming Built FRNT

In this episode of Stableminded, Drew sits down with Anthony Apollo, Executive Director of the Wyoming Stable Token Commission (@wyostable ) to explore how Wyoming became the first US state to issue its own stable token and why it operates outside federal regulation.

The Frontier Stable Token (FRNT) isn't issued by a Wyoming bank or trust. It's issued by Wyoming as a sovereign entity. The Genius Act defines issuers as "people": banks, trusts, fintechs, business entities. Nowhere does it say states. Anthony walks through 10 years of legislation, launching across 7 chains via Layer Zero, and building infrastructure with Franklin Templeton, Fireblocks, and Chain Analysis. All of this with a team of 5 and a budget under $6M.

The use cases extend far beyond Wyoming's borders. Emergency aid distribution that once took 45 days can now happen in 45 seconds. One county treasurer noted $70,000 in credit card processing fees could be eliminated by moving tax collection on-chain. And through interstate compacts, other states can adopt Wyoming's entire framework (law, rules, policies, tech stack) without building from scratch.


Learn more: https://stabletoken.wyo.gov/
Follow Wyoming Stable Token Commission on X: @wyostable
Follow Anthony Apollo on X: @wyoapollo

Season 6 of Stableminded is supported by Rain. Rain helps financial teams build and manage stablecoin-powered card programs with a single API, enabling users to move, store, and spend stablecoins instantly and compliantly in over 150 countries.

Learn more at https://rain.xyz.

The content of this podcast is for informational purposes only and does not constitute financial, investment or legal advice.