Wyoming Rolls Out First State-Issued Stablecoin in the US

Officials are very optimistic about the stablecoin’s potential to cut payment costs, improve transparency, and generate revenue for public services. The stablecoin is now available for purchase on Kraken and is natively issued on the Solana network. At the same time, Barclays made its first direct investment in a stablecoin-related company by backing Ubyx, a US-based clearing platform that is designed to connect regulated stablecoin issuers with banks and fintech firms. This is a cautious but meaningful shift by major financial institutions toward building infrastructure for regulated digital money.

Wyoming Launches FRNT

Wyoming officially launched its Frontier Stable Token (FRNT) to the public, a first-of-its-kind moment for digital assets in the United States. FRNT is the first fiat-backed stablecoin issued by a US state, following a rollout that was delayed by regulatory and structural hurdles. The launch is a major step in Wyoming’s long-standing effort to make itself one of the most crypto-friendly jurisdictions in the country.

Wyoming Governor Mark Gordon described FRNT as the first fully reserved, fiat-backed stable token issued by a public entity in the US, and shared details about its potential to reduce transaction costs, improve transparency, and generate new revenue for the state. According to the governor’s office, interest earned on the token’s reserves—which consist of US dollars and short-duration US Treasurys—will be returned to the state. This will help fund public services like education while easing the burden on taxpayers.

The stablecoin is now available for purchase on Kraken and is natively issued on the Solana network. Through the Stargate bridging platform, FRNT can also be used across multiple other blockchains, including Ethereum, Arbitrum, Avalanche, Base, Optimism, and Polygon. In addition, users can access FRNT via Rain, a Visa-powered card platform operating on Avalanche, allowing the stablecoin to function within familiar payment rails.

FRNT was developed by the seven-member Wyoming Stable Token Commission and is designed for both retail and institutional use. State officials say one of the most immediate advantages of the token is its potential to dramatically reduce payment processing costs. 

Converse County Treasurer Joel Schell explained that credit card fees currently impose a big burden on residents, with roughly $70,000 paid in processing fees on $3.4 million in transactions last year. On the other hand, FRNT transfers can settle nearly instantly, operate around the clock, and cost roughly one cent per transaction.

Wyoming’s move comes as global interest in stablecoins accelerates, with governments, banks, and financial institutions exploring tokenized money for payments and settlement. In the US, the Bank of North Dakota also announced plans to launch its own state-issued digital token, the Roughrider coin, with pilot testing expected later this year.

Looking ahead, Wyoming’s Stable Token Commission plans to expand FRNT throughout 2026 by onboarding more resale partners, integrating the token into additional state agencies, and collaborating with other public entities interested in issuing their own stablecoins. 

Barclays Enters Stablecoin Sector

Barclays also recently took its first step into the stablecoin sector. The UK-based lender confirmed on Wednesday that it invested in Ubyx, a US-based stablecoin clearing platform focused on connecting regulated stablecoin issuers with banks and fintech companies. While the size of the investment was not disclosed, the move is Barclays’ first direct equity stake in a stablecoin-related company.

Announcement from Barclays

The investment reflects growing interest among global banks in the infrastructure needed to support digital money as stablecoins and tokenized deposits gain traction. Ryan Hayward, head of digital assets and strategic investments at Barclays, said specialist technology will be essential as tokens, blockchains, and digital wallets evolve. According to Hayward, platforms like Ubyx can help regulated financial institutions interact more seamlessly with emerging forms of digital money.

Ubyx was founded in March of 2025 by payments industry veteran Tony McLaughlin, who previously spent more than two decades at Citi overseeing payments and cash management operations. McLaughlin positioned Ubyx as infrastructure for a future in which regulated firms offer digital wallets alongside traditional bank accounts, enabling the everyday use of stablecoins and tokenized deposits in the existing financial system.

Barclays’ investment follows Ubyx’s $10 million seed funding round that was completed in June 2025, which included backing from the venture capital arms of Galaxy and Coinbase. At the time, Ubyx said its clearing platform was designed to support stablecoins issued by major industry players such as Ripple and Paxos, alongside other regulated digital money initiatives.

According to Reuters, this is the first time Barclays invested directly in a company focused on stablecoins. The bank said the move aligns with its strategy of exploring new forms of digital money, even as it has historically taken a more cautious stance on cryptocurrencies.