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Wyoming Launches First State-Backed Stablecoin on Seven Blockchains (theblock.co) 134

Posted by msmash from the growing-acceptance dept.
An anonymous reader shares a report: After years of research, the Wyoming Stable Token Commission has unveiled the mainnet launch of its first official state-backed stablecoin. The so-called Frontier Stable Token (FRNT), marking the first time a U.S. state has issued a blockchain-based, fiat-pegged token meant to be used by retail and enterprises alike, according to an announcement on Tuesday.

"FRNT is designed to provide secure, transparent, and efficient digital transactions for individuals, businesses, and institutions -- worldwide," the commission wrote in a statement. "This groundbreaking initiative cements Wyoming at the forefront of digital finance and blockchain innovation."

Indeed, the Cowboy State has long been ahead of the curve when it comes to crypto regulation, including in recognizing DAOs as legal entities, creating a framework for "crypto-banks" under the Special Purpose Depository Institutions charter, and passing the state's Stable Token Act -- all meant to draw economic activity to the region.
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Wyoming Launches First State-Backed Stablecoin on Seven Blockchains More

Wyoming Launches First State-Backed Stablecoin on Seven Blockchains

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  • Coal (Score:3)

    by ShanghaiBill ( 739463 ) on Tuesday August 19, 2025 @05:05PM (#65600862)

    Wyoming is, by far, the biggest coal mining state.

    So promoting crypto makes sense.

    • So promoting crypto makes sense.

      Was CoalCoin already taken? /s

      I really don't understand what problem this is supposed to solve for the average person. Stablecoins made sense for crypto exchanges wanting to avoid the regulatory hassle of dealing with real US dollars, since then all their trades are just between various forms of magic internet money. Outside of that use case though, they mostly seem like a way of adding additional complexity to paying for goods and services. At least with the non-stable form of cryptocurrency you can pla

      • So promoting crypto makes sense.

        Was CoalCoin already taken? /s

        I really don't understand what problem this is supposed to solve for the average person. Stablecoins made sense for crypto exchanges wanting to avoid the regulatory hassle of dealing with real US dollars, since then all their trades are just between various forms of magic internet money. Outside of that use case though, they mostly seem like a way of adding additional complexity to paying for goods and services.

        You mean the kind of complexity The Rich enjoy by way of everything from tax loopholes they buy via politicians to money laundering they buy via politicians?

        When America starts playing with a new form of currency, don’t assume the point of it all is for The Poor to take advantage of it.

      • US retailers pay between 1% and 3.15% in fees on every single credit card transaction. Imagine if you got that as a discount on everything you buy.

        Saving a few percent on your weekly groceries is worth something, right?

        • US retailers pay between 1% and 3.15% in fees on every single credit card transaction. Imagine if you got that as a discount on everything you buy.

          Saving a few percent on your weekly groceries is worth something, right?

          That's adorable. You think the savings would be passed on to the consumer.

          • Re: (Score:2)

            by 1s44c ( 552956 )

            I expect prices to rise about 5% to 10% for everyone else and maybe 3% to 8% for people using this, assuming it actually takes off. At best this can reduce transaction costs, it won't offset tariffs related price increases.

            Retailers will be incentivized to encourage consumers to use it so both sides will benefit.

        • You are aware that cryptocoins have transaction fees too, and they're variable, making it impossible to predict how much they cost?

    • Maybe because you think they're using Bitcoin? (They're being issued on Proof of Stake chains).

    • Crypto is just a decentralized Ponzi scheme. And the people in Wyoming are certainly dumb enough to fall for it.

      "You've got to remember that these are just simple farmers. These are people of the land. The common clay of the new West. You know... morons."
        -- Gene Wilder

      • Re: (Score:3)

        by Moryath ( 553296 )
        It's a state full of Mormon Inbreds and Klan Garbage. None of them have an IQ over 60. That's what makes it a Trump Treason Shit State.

      • How is it a ponzi scheme if it's 102% backed? It's just another way to move dollars around with lower fees.

        The 3% credit card fees paid by merchants are still pushing up the prices you pay for goods and services.

        • How is it a ponzi scheme if it's 102% backed?

          Lol, is it? Is it really? Is that what you'll scream when you log in and your Wyoming Wallet has been mysteriously emptied and you find out it's *not* really covered?

          You'll scream, "Goddammit, that asshole JustAnotherOldGuy was right, fuck that fucking prick!!"

          • Re: (Score:2)

            by 1s44c ( 552956 )

            Well I was thinking about using this for the kind of amounts I now use contactless bank cards for. This is far more secure than contactless bank cards.

            Beside you can choose your own wallet. Pick whatever one you feel safest with.

            • Beside you can choose your own wallet. Pick whatever one you feel safest with.

              Sure, because there's no way that the imaginary coin that 'feels safest' to you will ever get hacked or rug pulled or pumped and dumped or phished or wallet-swapped or cryptojacked.

  • "the Cowboy State has long been ahead of the curve when it comes to crypto regulation"

    The curve of what? The steam roller?

    • Re: (Score:3)

      by Moryath ( 553296 )
      It's always been a Shitty Treasonous White-Supremacist State. No surprise they violated the Constitution on this one too. Article 1, Section 8, Clause 5. Republicans are Shit Eating Treason Fucks.

  • Use cases? (Score:3, Informative)

    by davidwr ( 791652 ) on Tuesday August 19, 2025 @05:14PM (#65600888) Homepage Journal

    I'm seeing limited use case for this. But at least it's pegged to a stable major currency and it's backed by a government (so the peg isn't likely to be lost in a rug-pull).

    International transactions?

    Transactions when the banks are closed?

    Transactions where your "normal" banking/money-transfer fees would be higher than the fee/cost of using this particular stablecoin at the particular moment of the transaction?

    Transactions where one or both parties want to be known as "crypto-friendly"?

    • Re:Use cases? (Score:4, Interesting)

      by VaccinesCauseAdults ( 7114361 ) on Tuesday August 19, 2025 @05:43PM (#65600950)
      Use case is drugs, money laundering and CSA trafficking as per every other cryptocurrency.

      • Sir, you use monero to buy drugs. You don't use other cryptocurrencies for that unless you live in some third world country with no ability to trace shit. Assuredly you don't pay in bitcoin in the US, and that has been the case for years now.

      • The use case is everything cash or credit cards are used for. So why use it? Because credit cards charge retailers 1% to 3% fees and this could potentially cost a tiny fraction of that.

        Imagine if your grocery and gas costs went down 2%.

        This is just a more efficient way to move dollars around. It's not bitcoin.

    • Re:Use cases? (Score:5, Insightful)

      by karmawarrior ( 311177 ) on Tuesday August 19, 2025 @05:58PM (#65600982) Journal

      > and it's backed by a government (so the peg isn't likely to be lost in a rug-pull).

      Governments have issued currencies before that they've then announced aren't worth anything, and El Salvador even adopted bitcoin... and then abandoned it.

      Indeed, it's easier, as Wyoming can pass laws to protect itself, while your run of the mill fraudster knows that it's just a matter of time before they have to ask Trump for a pardon.

      And... last I heard, states aren't supposed to mint their own currencies anyway. So there's a strong chance that the rug will be pulled for Wyoming without them being blamed.

      • And... last I heard, states aren't supposed to mint their own currencies anyway. So there's a strong chance that the rug will be pulled for Wyoming without them being blamed.

        States can, however, issue bonds.
        Will the Federal Government decide that crypto is a currency, and not a security?
        Personally- doubt it. But that sure would be interesting.

      • They aren't issuing a currency if it is 1:1 backed with dollars.

    • The use case for stablecoins? It's mostly for traders who anticipate a market downturn and want to move to cash without "cashing out".

    • Why would international transactions benefit from laws that govern only the party living in Wyoming?
      Why would banks being closed prevent transactions? Transactions are managed by certifying the transaction and clearing them later. A bank being closed doesn't prevent a payment being made.
      Why would I choose this currency if I'm so conscious of bank fees? There are not only other currencies, but other services to convert currencies. Chasing the cheapest transaction is a great way of handing your money to scamm

    • Being pegged to a dollar is just imaginary nonsense. "Stable coins" have proven themselves to be just as prone to market insanity as the earlier non-stable coins.

      All speculation based dunning krugerands have exactly as much value as whoever is paying for them thinks it has. And if they think its worth more, or less, than the US dollar, then thats what its worth.

      • You are confusing stablecoins with algorithmic stablecoins. This one is fully backed at 102% by a government, not by a algorithm that fails apart when under stress, and not by a company that might be cooking the books.

        The state of Wyoming has a lot more trust in Germany and New Zealand than some US company that might just be the next Enron.

  • Didn't the US do this already? (Score:5, Insightful)

    by locater16 ( 2326718 ) on Tuesday August 19, 2025 @05:17PM (#65600902)
    Like, over 200 years ago, sort out that individual state issues coinage was bad? Oh right I'm sorry all the old ideas that are bad are good again because history is fake and illiteracy is good. I'd communicate my apology in grunts and hand gestures, fortunately I'm already safe due to the whole illiteracy thing.
    • Great example. I was thinking more the legalised Ponzi and Pyramid scheme angle. Either way, it’s a stupid idea.
      • It's a stablecoin that's pegged and backed by the USD. I'd love to hear from you how it could be a Ponzi or Pyramid scheme.

        • Re: (Score:2)

          by Moryath ( 553296 )
          It's a violation of Article 1, Section 8, Clause 5. No surprise the Treasonous Republican-Run Garbage State of Worthlessoming would pull such a move - GOP are all Constitution Hating Treason Fucks, every stinking America Hating Klan Whorechild one of them.

          • It's a violation of Article 1, Section 8, Clause 5.

            No, it's not.

            No surprise the Treasonous Republican-Run Garbage State of Worthlessoming would pull such a move

            Ah, yes. You and your elementary-school-drop-out civics education are here speaking Truth.

            GOP are all Constitution Hating Treason Fucks, every stinking America Hating Klan Whorechild one of them.

            You need a blue hat with an obnoxious slogan.

            • Re: (Score:2)

              by Moryath ( 553296 )
              It IS a violation of the constitution. You need to just admit you're a Treason Rat Klan Shitboy with delusions of humanity.

              • It IS a violation of the constitution.

                No, it is not.

                You need to just admit you're a Treason Rat Klan Shitboy with delusions of humanity.

                Unlikely. I'm a liberal living in Seattle, one of the most solidly liberal cities in the US, and have voted Democrat in federal elections my entire voting life.

                I do love how you try to pop smoke to cover the fact you've been caught spreading misinformation, trying to imply you're right, because I'm a conservative.
                Even if you were right, and I was the reddest motherfucker living in Kentucky, you'd still be wrong. What's it like to be stupid?

            • So when you read "The Congress shall have Power To [...] coin Money, regulate the Value thereof" you take that to mean that individual states can coin money and regulate the value thereof?

              Hint: when the US Constitution grants a power to the Congress, it is taken away from everyone else unless the Congress delegates it back.

          • By the same reasoning checks, credit cards, debit cards, gift cards, mortgages, and loans are also a violation of Article I, Section 10, Clause 1..

            They are not creating money here. They are putting money in a safe and representing it with digital tokens so people can move it about faster.

            This isn't stuff created out of thin air. It's state backed currency.

        • Re:Didn't the US do this already? (Score:4, Insightful)

          by JustAnotherOldGuy ( 4145623 ) on Tuesday August 19, 2025 @09:44PM (#65601350) Journal

          It's a stablecoin that's pegged and backed by the USD. I'd love to hear from you how it could be a Ponzi or Pyramid scheme.

          Oh you sweet summer child

          Yes, there's simply no way that anything backed by the USD could be a scam, a scheme, a trick, or a trap. It's unpossible!

          • You just avoided answering and tried to distract with an insult. Classic internet, but not convincing.

            • So when are you investing? You just said it was totally safe, right? So surely you'll put all your money into it, correct?

              If not, please explain why.

              • You can't invest in it, you stupid twat.
                It's a fucking dollar.

                • You seem upset. I guess a hit dog does>/i> holler!

                  • You said something stupid- how could that classify as "hit"?
                    You're just yet another moron regurgitating stupid fucking shit online, making the entire world stupider.

                    That doesn't upset me, but I won't coddle you either. The burden of your education is on yourself.
                    Trying to deflect from the dumb shit you said by trying to imply that my emotional state means something isn't clever. It's the kind of thing a stupid person does when they don't know how to hit back. In this instance, you can't. Because I'm rig

                    • For you, I'd I recommend "Finding Your Way: Meditations, Thoughts, and Wisdom for Living an Authentic Life" by Sharon Salzberg.

                    • I don't give a shit about your "challenge" because YOU won't put YOUR money into it, you ponderous chickenshit.

                      WHAT? I'm surprised YOU were able to respond without ACCIDENTALLY hitting your caps lock KEY

                    • You seem somewhat agitated. In this case I'd suggest "Calm Breath, Calm Mind: A Guide to the Healing Power of Breath" by Geshe YongDong Losar

    • States issued their own coins till that little thing called the Constitution. The Constitution explicitly grants that power to congress. Article I, Section 8, Clause 5:
      [The Congress shall have Power . . . ] To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures
      • This becomes a question of whether or not cryptocurrency is considered money by the Federal Government. I highly doubt they're ready to take that step.
        It is currently just property.
      • Didn't the States usually issue paper currency? Regardless, yeah, the first thing I thought was, "The Constitution says States can't do this."
        • The state can't make them legal tender. But they're more than able to make a financial instrument that represents a dollar of value.
          Where a state would likely start to run afoul of the prohibition of emission of bills of credit, is if it was not a stablecoin- i.e., not by definition 1:1 valuation with the dollar, and every coin backed by 1 dollar in a trust fund.
          • Well, when States issue financial instruments, aren't they usually some sort of bond issued to raise money? I don't see them raising money here, but then I can't for the life of me figure out why cryptocurrency exists at all, let alone why a State would issue it.
            • Yes, they usually are. This is pretty unique. This won't raise any money.
              It's similar to a currency- but also it isn't one. It's trading a dollar for a digital certificate that says it's worth a dollar, but is by law backed by and convertible back to an actual dollar. The goal, I imagine, is to facilitate commerce without requiring banks to function as a clearinghouse for each transaction.

              But ultimately, I don't think any judge is going to read it as going afoul of the Constitution.
              • Well, they say it will facilitate secure, transparent, etc. transactions, but that already exists. I just don't see any problem solved by crypto, nor do I see any actual benefit. Unless you're one of the people burning GPUs to create nothings.

    • > Like, over 200 years ago, sort out that individual state issues coinage was bad?

      Sure, but the Constitution also says that States shall make no thing but gold or silver good for the payment of taxes.

      And it says that all government spending must recorded on a public ledger available to the People.

      We're in nobody-cares anything-goes territory now.

  • colossal waste of state resources (Score:5, Insightful)

    by sdinfoserv ( 1793266 ) on Tuesday August 19, 2025 @05:27PM (#65600922)
    The notion that a government agency, with workers paid by tax dollars are involved in this should be abhorrent to a real conservative. It's just more proof the GOP is a Trump cult. https://stabletoken.wyo.gov/ [wyo.gov]
    The group also lies - the State page shows "Backed by $USD". That is untrue. Stable coins are pegged to the dollar, not backed by the dollar. If FRNT tanks, you lose money.

    • Looking forward to it.

    • Some stablecoins are indeed "backed" by the currency they're pegged to.
      Do you have reason tho think this one is not?
    • Not that it matters, because this entire article is a circle-jerk of upmodded misinformation, but according to the statutes governing this, it's backed by USD at 100% reserve.
      It's literally better than money you put in the bank.
    • As a pretty conservative guy, I'm bothered by the idea of a State issuing currency in violation of the Constitution. I also think cryptocurrency is stupid. But it seems to have support on both sides of the aisle. More support from the GOP than Democrats, but more than enough from Dems that it is not a one-sided issue.

    • It's backed by 102% of the value being kept by the state government. I do hope they release public audits of that.

      So yes, it's backed by, and pegged to, the dollar.

  • Beyond giving an excuse to burn excess coal, Wyoming is a hotbed of pedophilia and illegal drugs, and cash is just too inconvenient.

    • Beyond giving an excuse to burn excess coal

      Shouldn't. This isn't bitcoin, it's a stablecoin. It should be pegged to, backed by (guaranteed to be convertible to), dollars, and it should be proof-of-stake, not proof-of-work. Low energy cost.

      • Sounds just like an old style paper check to me.

        A negotiable IOU that you can trade in for cash, otherwise known as real money*.

        * Although it hasn't been real money since it was no longer backed by metal, people seem unconcerned by this fact.

      • I'm wondering how putting everything on a blockchain is more efficient than putting everything on a centralized database, like a bank.

        • Do you want the honest answer to that? It's because US banks are terrible and the payment systems they use are awful. People still use paper checks because they can't trust ACH. Things like Venmo exist just to fill in the gaps where banks are failing everyone

          Look at what Europe has if you want to see a functional banking system. You can send payments from any account in any country to any other account in any other country within 10 seconds. For zero fees.

          Also US banks have lower reserves and go bust more o

  • Why is it when governments get involved in crypto, they never give a good reason to do so?

    Some people believe science is magic. They think that you do something, anything, involved with 'science' that it suddenly becomes profitable. It doesn't work that way.

    Science teaches you how to do things. Then you can do that thing - and only that thing. It is not magic. It does not somehow make a profit for no reason.

    You want to make a profit? Make a plan. Find a need and fulfill it with something you do bett

  • Queue the inevitable squeals of the pigs getting butchered.

    • Re: (Score:2)

      by 1s44c ( 552956 )

      A pig butchering scam is a very specific type of scam. It's not remotely like this.

      This is the state holding the paper and giving you a token to represent that that you can move about quickly and easily. Just like banks do with digital accounts, only faster and cheaper.

      I do wonder if these angry old men on slashdot are the same bright eyed optimists from years ago, just older and jaded.

  • You can't have a single cryptocurrency be on more than one blockchain and be one single set of accounts / aka one "coin". If it's really on seven different blockchains, then this is actually seven different cryptocurrencies that will have seven different prices at any given time, that could be vastly different on different blockchains, not even taking multiple exchanges into account.

    If they really did it this way, this crypto was designed by people who don't understand what crypto is or how it actually work

  • Credit card (Score:3)

    by registrations_suck ( 1075251 ) on Tuesday August 19, 2025 @07:02PM (#65601106)

    When I use my credit card, I get a variety of rewards and protections.

    Why kinds of rewards and protections is Wyoming's alternative offering?

    • When I use my credit card, I get a variety of rewards and protections.

      Hahhahahahaha. Americans are funny. Never seen people so eager to lick corporate boot rather than demand actual consumer protection instead. But hey, you're happy supporting the worlds largest duopoly as being a middle man and skimming a bit of every transaction for your protection then more power to you.

    • Do you really think credit card rewards are free? The retailer is paying 1% to 3% fees to accept your payment. They put your price up 1% to 3% to cover that.

      Personally I'd rather not pay that extra to begin with.

      • Do you really think that I think they are free?

        Do you really think that if I write a check instead of using a credit card, that suddenly all the prices are going to decrease by 1 to 3%

        I can see it now. Stroll into Costco, take a bunch of shit to the register, and announce, "Excuse me madam. I'm going to pay with a check, so I would like a discount of 1 to 3% on all of my purchases, please".

        Yeah. I'm sure that would work.

  • I think we all know how this story ends, and it's not good.

  • can the state be foreclosed?
  • Why do this? What's the point? What benefit does this provide that existing methods don't?

    Or is it just a colossal waste of resources to reinvent the wheel in a way that makes them feel like they're doing something special?

    • Why do this? What's the point? What benefit does this provide that existing methods don't?

      Or is it just a colossal waste of resources to reinvent the wheel in a way that makes them feel like they're doing something special?

      My guess is if a state or country wants to move to this, it's a way to better track all transactions. There may be a lemonade stand somewhere where people could use cash and the state isn't able to recoup their fair share from them. Benefit to the end-user/consumer? Fuck off. That hasn't been a concern in this country for decades.

  • Seriously, no one managed to earn a funny mod point on this big target?

  • ALL state employees get paid with this. Just wait for the hootin' and hollerin'!

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