Stablecoins go public: the first states and towns to launch.
A state, a state bank and a Pacific island municipality have each put public dollars on a ledger. Their three models show the options open to Miami-Dade.
| Issuer | Token | Model | Status |
|---|---|---|---|
| State of Wyoming | FRNT (Frontier Stable Token) | Public purchase, dollar-backed | On sale since January 2026 on Kraken; issued on seven chains |
| Bank of North Dakota | Roughrider Coin | Bank-to-bank settlement only | Approved March 2026; pilot with local banks set for September 2026 |
| Tinian Municipal Treasury | MUSD (Marianas U.S. Dollar) | Municipal treasury token | Created by local law in May 2025; first fiat-backed mint followed |
Wyoming: a state dollar anyone can buy
Wyoming's Stable Token Commission put FRNT on sale in January 2026 after roughly a decade of work. It runs on Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon and Solana, and is sold through Kraken. The state has committed $6 million to the program. County treasurers see it as a way to make public payments faster.
North Dakota: a coin only banks can hold
The Bank of North Dakota took the opposite route. Roughrider Coin is pegged to the dollar but limited to banks and credit unions. It is built to speed up transfers between institutions, not to be traded. Fiserv is the technology vendor, and ten local banks signed up to test it. The bank calls it cost-neutral.
Tinian: a town treasury on a ledger
Tinian, in the Northern Mariana Islands, created MUSD by local law in May 2025. The municipal treasury issues it, fully reserved and backed by dollars. Its member of Congress backed it but urged strong anti-money-laundering and know-your-customer controls as federal rules settle.
The federal frame
- The GENIUS Act became law on July 18, 2025. It takes effect by January 18, 2027 at the latest. Regulators proposed rules in 2026.
- The broader CLARITY market-structure bill failed a Senate cloture vote on September 15, 2026.
- Abroad, Japan launched a yen stablecoin in October 2025, and Hong Kong issued its first stablecoin licences in April 2026.
What this means for Miami-Dade
Miami tried a city token once. MiamiCoin in 2021 was a mined token, not a stablecoin, and it didn't hold its value. The lesson is to start with payments and records, not speculation.
- North Dakota model first. Use a licensed issuer's stablecoin to settle county vendor payments and bond trades between institutions.
- Add receipts and identity. Put every payment and permit on the MIA receipt chain so auditors and residents can check it.
- Public token last. A Wyoming-style resident token only makes sense after the rails prove themselves, and only through a permitted issuer.
Try the flows in the App and Municipal Bonds, or register your agency for a sandbox.
- Wyoming releases FRNT stablecoin for public purchase, Wyoming Public Media
- Governor Mark Gordon news release, Jan 7, 2026
- North Dakota moves forward with stablecoin, North Dakota Monitor
- Bank of North Dakota and Fiserv partner to launch Roughrider Coin
- Tinian launches MUSD, Office of Rep. King-Hinds
- Stablecoins are going local, Forbes
- CLARITY Act fails Senate vote, CoinDesk
- HKMA stablecoin licences, April 2026