The name FRNT sounds like “frontier,” and a market cap of 1 million is just the beginning. If it really becomes a nationwide payment tool, will different states start competing to issue their own tokens?

According to Bloomberg, Wyoming has become the first state in the United States to officially issue a stablecoin, with its issued Frontier Stable Token (FRNT) launched in January of this year, currently with a circulating market value of about $1 million. FRNT is pegged 1:1 to the US dollar and is backed by cash and US Treasury bonds. Wyoming officials stated that they hope to develop FRNT into a nationwide or even international payment and settlement tool in the future, and to use the income from reserve assets to support local public schools. Currently, states including Delaware, Maryland, New Hampshire, and North Dakota are also paying attention to or exploring similar models.