Wyoming issues the first US state stablecoin on Polygon

Wyoming is an oil and gas state, and oil and gas are finite. The state wanted to diversify revenue for future generations without raising taxes, and existing stablecoins did not fit: when a public entity uses a private issuer, the interest on reserves flows to that issuer’s shareholders instead of the public.

So Wyoming, which has passed over 50 digital asset bills since 2016, built its own. The Wyoming Stable Token Act passed in 2023, and a small agency was tasked with issuing a stable token whose reserves work for the state.

“Interest earned on the reserves goes back to fund the state. That to us was the main impetus for this. We want to ensure that the state has the revenues necessary for future generations.”

Stephanie Chan

The Commission is required by statute to be technology-neutral and chain-agnostic, so it scores blockchains quarterly against public criteria: throughput, finality, fees, and network stability, plus security history from past hacks to bug bounty programs. Selections are approved in a public forum, while the scores are published on the Commission’s website.

Polygon made the original seven launch chains. On raw specs many finalists looked similar; what separated Polygon was its track record, already running infrastructure for other governments and regulated fintechs, exactly the kind of counterparties a state entity answers to. Wyoming evaluated candidate blockchains through its quarterly selection process across the first half of 2025 and simultaneously launched FRNT on seven of them, including Polygon, that August.

FRNT is live on Polygon, over 102% collateralized by cash and short-term US Treasuries, with no fees on issuance or redemption. Interest earned on the reserves flows to Wyoming’s School Foundation Program every quarter, and other states and countries are already in conversations with the Commission about white-labeling the framework rather than starting from scratch.

“I don’t think anyone can deny the efficiencies and the cost savings, and the ability for cross-border payments or remittances. That can’t be ignored anymore.”

Stephanie Chan

The bottom line: when a US state ran a multi-vendor, technology-neutral procurement and chose Polygon, that was a procurement decision, not a marketing relationship. Public money now moves onchain, and the interest funds Wyoming schools.