Wyoming has launched the world's first state-backed stablecoin, $FRNT, as part of its efforts to transition from a declining energy sector. Announced on January 7, the stablecoin is initially deployed on the Solana blockchain and supports six EVM-compatible chains. The $FRNT is over-collateralized by 102% with U.S. Treasury bonds and cash, managed by Franklin Templeton, and aims to support local public education through interest income. The move comes as Wyoming faces fiscal challenges due to a significant decline in coal production and revenue. Historically reliant on coal, the state has seen its severance tax revenue drop from $290 million in 2011 to $170 million in 2022. With the energy transition underway, Wyoming is leveraging its business-friendly environment to innovate in the cryptocurrency space, having previously introduced the Special Purpose Depository Institution (SPDI) license and the DAO Bill.