State of Wyoming Debuts $FRNT, the Nation’s First State-Issued Stable Token, with Franklin Templeton-Managed Reserves

Frontier Stable Token launch makes history, with Franklin Templeton serving as strategic partner on institutional-grade reserves management and custody

CHEYENNE, Wyo.–(BUSINESS WIRE)–The state of Wyoming today announced that $FRNT (Frontier Stable Token) is now live and available to the public, marking the official launch of the first and only state-issued stable token in the United States.

Designed under the leadership of the Wyoming Stable Token Commission, the Frontier Stable Token ($FRNT) represents a milestone in financial innovation — bringing together the security and oversight of state-managed reserves with the efficiency and transparency of blockchain technology.

To ensure institutional standards, Wyoming has selected Franklin Templeton as its reserves management partner, and Franklin Templeton affiliate Fiduciary Trust Company International as custodian. With over $1.6 trillion in assets under management and a long track record in both fixed income investing and digital assets innovation, Franklin Templeton brings its global scale and blockchain expertise to Wyoming’s historic initiative.

“Wyoming has long been at the forefront of financial innovation, and the launch of $FRNT marks a defining moment in our state’s continued leadership,” said Wyoming Governor Mark Gordon. “By introducing the nation’s first state-issued stable token, we are demonstrating how thoughtful, transparent regulation and new technologies can be harnessed to expand access, lower costs, and strengthen public trust. We’re proud to partner with Franklin Templeton — a firm that understands both the rigor of institutional finance and the transformative potential of digital assets.”

Unlike privately issued stablecoins, which depend on the governance and discretion of sponsoring companies, a state-issued stable token like $FRNT offers public accountability, transparent oversight, and direct alignment with the rule of law. All $FRNT reserves are held in trust by the State of Wyoming, invested exclusively in U.S. dollars and short-duration U.S. Treasuries managed by Franklin Templeton’s Fixed Income division — providing a structure grounded in regulation and fiduciary duty.

“Our collaboration with the State of Wyoming demonstrates what’s possible when the public and private sectors work together to create a compliant, trusted framework for digital assets,” said Jenny Johnson, CEO of Franklin Templeton. “Franklin Templeton’s deep expertise across fixed income, custody, and digital assets uniquely positions our firm to help governments and institutions modernize financial infrastructure.”

$FRNT’s issuance and operations leverage LayerZero for cross-chain interoperability and Fireblocks for secure blockchain infrastructure. The stable token is now available for purchase via Kraken (on the Solana blockchain) and through Rain, the Visa-powered integrated card platform (on the Avalanche blockchain). $FRNT provides instant settlement, low transaction costs, and can be sent anywhere in the world, providing utility not just to Wyoming citizens, but all retail investors, innovative institutions and forward-thinking governments across the globe.

“Wyoming’s leadership in launching $FRNT underscores the power of public innovation supported by institutional trust,” said Sandy Kaul, EVP and Head of Innovation at Franklin Templeton. “We are thrilled to support this landmark program, which showcases how blockchain and traditional finance can coexist to build more inclusive, efficient, and transparent financial systems.”

About the State of Wyoming and the Frontier Stable Token ($FRNT)

Established in March 2023 under the Wyoming Stable Token Act, the Commission is tasked with issuing fully-backed stable tokens that align with state laws and fiscal responsibility. Its mission is to enhance financial transparency while driving economic growth through blockchain innovation.

About Franklin Templeton

Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity.

To learn more, visit franklintempleton.com and follow us on LinkedIn.

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There may be risks associated with the issuance, redemption, transfer, custody, and record keeping of tokens maintained and recorded primarily on a blockchain.

Contacts

Media Relations:

Franklin Templeton
Rebecca Radosevich, (212) 632-3207

rebecca.radosevich@franklintempleton.com