A consortium of major banks—including Bank of America, Goldman Sachs, Deutsche Bank, Citi, and led by BNP Paribas—announced a project to explore issuing 1:1 reserve-backed stablecoins on public blockchains, pegged to G7 currencies such as the U.S. dollar, euro, and Japanese yen.

Wyoming just made history with the launch of the Frontier Stable Token (FRNT), the first U.S. state-issued stablecoin. Backed 102% by U.S. dollars and Treasuries, FRNT promises faster payments, government efficiency, and public benefit funding through school programs. Supporters see it as a breakthrough in digital money, while critics call it a “state CBDC.” Here’s why FRNT matters for investors, states, and the future of blockchain.