Wyoming Stable Token Act

The Act defines a Wyoming stable token as a virtual currency representative of and redeemable for one U.S. dollar held in trust by the state. The statute provides that tokens are issued only in exchange for U.S. dollars and directs the commission to establish management and redemption procedures. The current codified law also authorizes the commission to determine token types, supply, availability, issuance standards, and custody or management arrangements with service providers.

The Wyoming Stable Token Commission is established as a body politic and corporate instrumentality of the state. Its board includes state officials or designees, and the Act gives the commission authority to issue tokens, manage token-related assets, contract with financial institutions and technology service providers, seek federal guidance, oversee audits, and provide a pre-issuance report before publicly issuing fully reserved tokens.

The current statute requires the commission to deposit funds from token issuance into a Wyoming stable token trust account and maintain not less than 100% of the notional value of outstanding tokens in that account. Permitted investments include cash, U.S. Treasury securities with maturities of 365 days or less, Treasury repurchase agreements with maturities of 30 days or less, and investments that comply with 17 C.F.R. part 270.2a-7.

The 2026 amendments added a statutory liquidity account structure. After operational costs, administrative-account funds may be transferred to maintain a liquidity account equal to 2% of outstanding token notional value. Excess funds may be retained for savings and, after quarterly review, distributed to Wyoming's public school foundation program account under the statute.

The Act states that one token may be redeemed for one U.S. dollar on demand, subject to statutory limitations and the amount of assets available in the trust account after expenses. Purchase documents must notify holders that Wyoming stable tokens are not insured by the state and that principal is not guaranteed beyond the notional value of the trust account. The statute also provides that tokens are special obligations payable solely from the trust fund, not general obligations of Wyoming, and not backed by the state's full faith and credit.

The state announced a mainnet launch of the Frontier Stable Token, or FRNT, on August 19, 2025, describing it as fully backed by U.S. dollars and short-duration Treasuries and deployed across Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, and Solana. As of June 3, 2026, Wyoming also has an active rulemaking item: the public comment period for amended Reserves Management and Token Management rules opened May 29, 2026 and closes July 13, 2026 at 5:00 p.m. Mountain Time.

Official materials include the current Wyoming Statutes Title 40, the 2023 Session Laws, the 2024 SF0052 amendments, the 2026 SF0021 amendments, and the commission's rulemaking notice.