Wyoming has done what no other U.S. state (or developed-world government) has yet managed: it is issuing its own dollar-pegged stablecoin directly as a sovereign entity. The Frontier Stable Token (FRNT), launched in August 2025 and fully backed by cash and short-term U.S. Treasuries.

Unlike USDC or USDT, the issuer is not a private company. It is the State of Wyoming itself. That single fact flips the regulatory script: the federal Genius Act explicitly does not apply, leaving the token governed primarily by the state’s own published rules and broader federal laws. Interest on the reserves flows to Wyoming’s school foundation fund, creating a new form of public seigniorage.

It is the State of Wyoming, acting in its sovereign capacity, issuing a 1:1 dollar-pegged digital bearer instrument backed by cash and short-term U.S. Treasuries. Interest on those Treasuries does not go to shareholders. It goes to the Wyoming school foundation fund.

Anthony Apollo, the 30-something executive director who spent the first year running the entire agency by himself, sums it up plainly:

“We are the issuer. Full stop. That single structural fact changes everything.”

Interstate Stablecoin Compacts Are Already Being Discussed

Within 24 hours of Frontier’s quiet launch, lawmakers and treasurers from other U.S. states began reaching out. The idea now on the table: interstate compacts that would let Missouri, Texas, Florida or any other state adopt Wyoming’s entire legal framework, technical stack, reserve rules and vendor relationships wholesale.

The conversation is no longer “Should we do this?” It is “How fast can we plug into what you’ve already built?”

Each participating state could brand its own token (e.g. “Lone Star Stable Token” or “Show-Me Stable Token”), but the underlying issuance, custody and compliance would be handled by Wyoming’s machinery. Costs would be shared; interest income would be shared.

If even two or three states sign on, the U.S. could suddenly have a networked public stablecoin system operating in parallel to the private giants, all without waiting for further federal legislation. Anthony Apollo, Wyoming’s stable-token director, says the conversations are “very active.”

Apollo is blunt:

“We spent two years and millions of dollars building something that is open-source in spirit and replicable by design. Why would we make other states reinvent the wheel?”

Real-Time Attestation Is Coming to Public Stablecoins

Private issuers typically publish monthly or quarterly reserve reports. Wyoming wants to do better.

The commission has engaged The Network Firm to move toward real-time attestation: an always-on dashboard that pulls live token supply from seven chains, live custody balances from Franklin Templeton and bank accounts, and confirms 100%+ backing every 30 seconds.

Apollo calls the current monthly cadence “an artefact of pre-blockchain thinking.” Once the widget is live (targeted for early 2026), any citizen, journalist or regulator will be able to verify reserves in real time, without waiting for a PDF. If successful, the standard could pressure private issuers to follow suit and become the new public-sector benchmark for transparency.

“Circle and Tether will feel pressure to match it,”...“And if they don’t, the market will notice.”

Public vs Private Stablecoins: A New Fault Line

Until now the stablecoin market has been almost entirely private: Circle, Tether, Paxos, PayPal. Wyoming’s entry creates the first meaningful public option. Wyoming’s Frontier token marks the first real public alternative to the private stablecoin duopoly—and the differences are structural.

Private issuers are profit-driven and can pay yield (though warily); public ones send interest to schools or treasuries and could distribute yield without shareholder conflict. Private tokens live or die by regulators and banking partners; a state token enjoys sovereign immunity and is nearly impossible to kill. Private firms can freeze or seize at will under broad ToS; Wyoming acts only with a court order.

Private transparency is monthly PDFs; Wyoming is heading to real-time, always-on proof of reserves. And while governments and NGOs hesitate to trust billions to corporations, a U.S. state issuer is politically neutral, permanent, and profits the public.

Final Words

In one launch, Wyoming has drawn a new fault line between private and public digital dollars—one that will shape the market for years.Apollo’s pitch is blunt: governments, central banks, NGOs and aid organisations that are uneasy relying on private issuers now have a neutral, public alternative.

“We’re not trying to beat Circle at their own game,”

“We’re offering something they structurally cannot: a stablecoin whose profits serve taxpayers and whose existence does not depend on a board of directors.”

Ten years ago Wyoming invented the DAO LLC and watched Delaware and others copy it. Five years ago it chartered blockchain banks and watched the rest of the country debate whether they were even legal.

Now it has invented the public stablecoin.

Whether the rest of America copies it again – or whether Washington eventually tries to pre-empt it – will be one of the defining monetary stories of the decade.