The news: The State of Wyoming debuted its Frontier Stable Token (FRNT) across seven blockchains in partnership with LayerZero.

Why this matters: The Cowboy State is the first US state to issue a stablecoin. 

More broadly, Wyoming’s token is a big step toward integrating blockchain technology into public finance, which was made possible by the GENIUS Act.

LayerZero and Wyoming Stable Token Commission also emphasized FRNT’s unique status as “constitutionally-protected public asset” that’s exempt from "arbitrary usage restrictions,” unlike its private sector competitors. (Circle’s USDC terms prohibit using the token for, among other things, purchasing weapons, drugs, and Ponzi schemes.)

Our take: While stablecoins were originally framed as a faster and cheaper alternative to traditional payment methods, the crowding field of available tokens—coupled with their limited acceptance networks—appears to create more transaction disruption than streamlining. 

The answer to such a fragmented ecosystem of competing products would logically be a national stablecoin that everyone agreed to use and accept. However, the GENIUS bill explicitly banned the creation of such a digital dollar, so we’re entering a new wildcat era where “currencies”—now from both private and public entities—fight for dominance in limited markets.

This content is part of EMARKETER’s subscription Briefings, where we pair daily updates with data and analysis from forecasts and research reports. Our Briefings prepare you to start your day informed, to provide critical insights in an important meeting, and to understand the context of what’s happening in your industry. Non-clients can click here to get a demo of our full platform and coverage.