Wyoming adopts onchain reserve verification for its stablecoin with under $1M in circulation

The Wyoming Stable Token Commission has started using Chainlink Proof of Reserve to verify the reserves and supply of its Frontier Stable Token (FRNT) directly on the blockchain.

The move, announced on Sept. 2, makes Wyoming the first U.S. public entity to publish such data onchain for a fiat-backed stablecoin—a type of cryptocurrency designed to hold a steady value by being backed by traditional assets like cash or bonds.

Current supply far below early projections

FRNT’s total supply is about 967,948 tokens, worth roughly $966,000 at current prices. This is only 0.2% of the 508.7 million tokens the Commission had projected as a base case to state lawmakers in December. Trading volume over the past 24 hours was just $160, all on the Kraken exchange.

What the official announcement says

The Commission called Chainlink Proof of Reserve the exclusive onchain verification system for FRNT. Anthony Apollo, the Commission’s executive director, said the system provides transparent, verifiable proof that FRNT is fully backed by high-quality reserves. He added that this sets a new standard for transparency in public-sector digital assets.

Johann Eid, chief business officer at Chainlink Labs, said the adoption shows how governments can use Chainlink to build trusted, verifiable financial systems onchain.

Secure Mint feature still in progress

While Proof of Reserve is now active, the related Secure Mint feature—which automatically blocks new token creation unless reserves fully cover the supply—is still being adopted. The Commission already publishes daily reserve reports on its website, so the change primarily moves the data onto the blockchain rather than increasing its frequency.

Recent shift from LayerZero to Chainlink

This follows a recent switch from LayerZero to Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for cross-chain operations. The Commission cited security concerns with LayerZero’s disclosure practices as the reason for the change. FRNT is available on multiple blockchains, including Arbitrum, Avalanche, Base, Ethereum, Hedera, Optimism, Polygon, and Solana.

Onchain data shows about 95,052 FRNT on Ethereum and 394,400 on Solana.

Timeline and claims

The Commission describes FRNT as the first fiat-backed, fully reserved stablecoin issued by a U.S. public entity. The token reached mainnet in August 2025, began issuance in October 2025, and opened to public purchase on Jan. 7, 2026, though the Sept. 2 announcement compressed this timeline to a January 2026 launch.

Sources

• The Defiant
• PR Newswire (Chainlink Proof of Reserve announcement)
• PR Newswire (LayerZero migration announcement)
• Wyoming Governor’s Office (FRNT public launch)
• CoinGecko (FRNT data)