Wyoming has launched the Frontier Stable Token (FRNT), the first state government-issued stablecoin in the United States, Cointelegraph reported on Thursday.

Wyoming Governor Mark Gordon said FRNT is the first fully reserved, fiat-backed stablecoin issued by a U.S. public agency. He said it will provide a cheaper, faster and more transparent way to transact and also contribute to school financing and easing the tax burden.

FRNT is available for purchase on the Kraken exchange and was issued on the Solana blockchain. It can be transferred through the Stargate platform to Arbitrum, Avalanche, Base, Ethereum, Optimism and Polygon. It can also be purchased through Rain, a Visa-integrated card platform based on the Avalanche blockchain.

FRNT was designed by the Wyoming Stable Token Commission and can be used by both individuals and institutions. It is fully backed by U.S. dollars and short-term U.S. Treasuries, and interest generated from the reserves accrues to the state government.

The Wyoming Stable Token Commission plans to expand FRNT by 2026 by securing additional partners, distributing it to state government agencies, and working with public agencies that want to issue their own stablecoins.

North Dakota, in addition to Wyoming, also plans to issue the Rough Rider coin and will conduct its first test this year.