Wyoming has launched the Frontier Stable Token (FRNT), a landmark Visa-supported stablecoin issued directly by a U.S. state agency, the Wyoming Stable Token Commission, fully backed by U.S. dollars and short-term Treasury bills.

FRNT debuted on Tuesday with multichain compatibility, launching simultaneously across seven major blockchain networks: Ethereum, Solana, Avalanche, Polygon, Arbitrum, Optimism, and Base.

The stablecoin’s interoperability and token issuance are powered by LayerZero, while its custody and reserve management are being handled by Franklin Advisers.

This story is an excerpt from the Unchained Daily newsletter.

“There’s no clearer signal of where finance is heading than a U.S. state putting the dollar onchain,” said LayerZero in a post on X.

Despite the mainnet launch, FRNT still isn’t publicly available for general use due to “lingering regulatory hurdles,” according to Crypto In America host Eleanor Terrett.

Rob Hadick, partner at Dragonfly, commented on X, “People still do not understand how much trouble the issuer banks are in.”