Wyoming stablecoin faces make-or-break test as it debuts on Solana

Wyoming launches a fully reserved, state-managed dollar stablecoin on Solana, using Franklin Templeton as asset manager and LayerZero bridges to bring the token to major EVM chains.

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-managed blockchain asset in the United States, according to the Wyoming Stable Token Commission. Franklin Templeton manages the token’s reserves, while Fiduciary Trust Company International provides custodianship services.

The token is fully collateralized with U.S. dollars and short-term Treasuries. Interest generated from the reserves will fund Wyoming’s school programs, officials stated.

Wyoming officials said the token combines public accountability and regulatory oversight with blockchain efficiency, offering settlement in seconds, minimal transaction fees, and auditability for retail and institutional users.

The state has enacted 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 compliant blockchain tokens.

The token is available for purchase through Wyoming-domiciled exchange Kraken and features cross-chain bridging via LayerZero to Ethereum, Arbitrum, Base, Optimism, Polygon, and Avalanche networks.

Solana was selected as the native blockchain after the commission tested 11 networks during a consultation period, according to state officials.

The project was originally scheduled to launch Monday but was delayed due to technical issues.

Wyoming officials described the token as a demonstration of potential for public-private collaboration in financial innovation, emphasizing transparency, regulatory alignment, and reduced counterparty risk compared with privately issued stablecoins.