Wyoming Launches First State-Issued Stablecoin as Solana Mobile Unveils SKR Token

Wyoming Debuts Government-Backed Stablecoin

Wyoming has made history by launching the Frontier Stable Token (FRNT), marking the first fully state-issued stablecoin in the United States ^[2]. The digital currency went live on both Solana and Avalanche blockchains, representing a significant departure from private sector stablecoin offerings like USDT and USDC ^[2].

Developed under the Wyoming Stable Token Commission, FRNT combines state-managed U.S. dollar reserves with the efficiency of decentralized blockchain networks ^[2]. Franklin Templeton has assumed responsibility for reserve management, while Fiduciary Trust handles custody operations ^[2]. The stablecoin is backed exclusively by U.S. dollars and short-term U.S. Treasury securities ^[2].

Governor Mark Gordon characterized the launch as a "decisive moment" for Wyoming's continued leadership in digital assets ^[2]. "With the introduction of the first state-issued stablecoin in the USA, we are demonstrating how thoughtful, transparent regulation and new technologies can be utilized to improve access to cryptocurrencies, reduce costs, and strengthen public trust," Gordon stated ^[2].

Unlike privately issued alternatives, FRNT represents a state infrastructure initiative ^[2]. The combination of legal clarity, public oversight, and multi-chain functionality through LayerZero is expected to appeal to institutional investors ^[2]. Cryptocurrency exchange Kraken announced on X that the stablecoin is already available on its platform, though availability is restricted in certain countries ^[2].

Jenny Johnson, CEO of Franklin Templeton, emphasized the collaborative nature of the project: "The collaboration with the state of Wyoming shows what is possible when the public and private sectors work together to create a compliant, trusted framework for digital assets" ^[2].

Solana Mobile Announces SKR Token Launch

In parallel developments, Solana Mobile has announced that its SKR token will launch on January 21 at 2 a.m. UTC ^[1]. Users of the Solana Seeker smartphone will be eligible to claim up to 20% of the total token supply through an airdrop ^[1].

The token is designed to support Solana's mobile ecosystem by enabling users to delegate SKR to "Guardians" ^[1]. These Guardians perform critical functions including securing the Solana network, verifying devices, and managing the decentralized app store ^[1]. Users can earn rewards and unlock special in-app features in return ^[1].

The launch follows the conclusion of the first Seeker Season, which demonstrated substantial user engagement ^[1]. Over 100,000 users interacted with 265 decentralized applications, completing 9 million transactions and generating $2.6 billion in trading volume ^[1].

According to Solana Mobile, SKR will grant the community greater control over platform development ^[1]. Token holders will help determine participant eligibility, establish rules, and influence economic flows within the ecosystem ^[1]. Solana Mobile's general manager, Emmett Hollyer, described the airdrop as the initial step in providing users with genuine influence over the platform's future direction ^[1].

Token Distribution and Market Impact

Regarding token allocation, 57% of SKR will be available at launch ^[1]. This includes 30% designated for airdrops, primarily targeting Seeker users and developers ^[1]. An additional 27%, equivalent to 2.7 billion tokens, will be unlocked immediately ^[1]. From this portion, 1 billion tokens will be allocated to the community treasury, 1 billion to liquidity, and 700 million to growth and partnerships ^[1].

The Solana Mobile team will receive 15% of the total supply, while Solana Labs will obtain 10% ^[1]. Several Solana infrastructure companies, including Anza, DoubleZero, Helius, and Jito, will serve as Guardians to support and expand the Seeker ecosystem ^[1].

Solana Mobile aims to challenge the dominance of Apple and Google in the mobile application market ^[1]. The company contends that current app stores restrict user choice and developer freedom, while Solana's decentralized model provides a more open and flexible alternative ^[1].

The Solana price declined 2% in the last 24 hours to trade at $137 following the announcement ^[1].