141: Who Prints the Dollar?

and

Aug 23, 2025

Hey, it’s Marc.

The stablecoin wars just went public.

Wyoming unveiled FRNT, the first state-backed stablecoin in U.S. history – backed by U.S. Treasuries, with yield flowing not to corporate shareholders, but to fund public schools.

This flips the Tether/Circle model on its head.

History is rhyming: just like the “Free Banking Era” of the 1800s, when states and banks issued their own notes, we’re entering a new chapter where digital dollars are minted by many, not one. The difference? Every new state-backed stablecoin strengthens U.S. dollar dominance globally. This isn’t about Wyoming alone. It’s about who controls America’s digital money rails. [ANALYSIS]

The timing couldn’t be better: as Wyoming launches the first state stablecoin, we’ve just released our flagship report on programmable money, laying out how tokenised dollars will reshape payments, treasuries, and settlements. [Read the report]

👉 Crypto Treasury Alpha: We are starting another newsletter covering institutional moves and digital asset treasury vehicles: Click here to subscribe.

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Also, our highlights this week:

Wyoming launches FRNT stablecoin, first state-issued stablecoin
Metamask issues MetaMask USD ($mUSD)
DBS puts tokenised notes on Ethereum
CME Group partners with FanDuel

And much more.

PS: We're looking for a digital asset/equity researcher to complement the Fiftyone team. Send me an email with your best research, CV & why you.

Top Boardroom Reads This Week

Digital Assets

Digital Dollar, Real Yield (Fiftyone)
Stablecoin Summer (Goldman Sachs)
Stablecoins and safe asset prices (BIS)
Billions to Trillions (Global Dollar Network)
The Marriage of Stablecoins and U.S. Treasuries (Lexology)
The State of Onchain Payments (Reown)
Everyone’s a Treasury (Fiftyone)
Centralised wins (Fiftyone)

AI

The GenAI Divide: State of AI in Business 2025 (MIT Nanda)
America AI vs the World (Fiftyone)
Practices for governing agentic AI systems (OpenAI)
The open revolution (Fiftyone)

🙌 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business.

Wyoming drops first state-issued Stablecoin

Wyoming revealed Frontier Stable Token (𝗙𝗥𝗡𝗧), the first state-backed stablecoin in U.S. history, pegged 1:1 to the dollar and collateralised with cash + Treasuries (2% overcollateralised). It is available on Ethereum, Solana, Avalanche, and others, with Franklin Advisers managing reserves and LayerZero handling issuance. With 45+ crypto laws and Kraken listing FRNT day one, the state is positioning itself as America’s first digital settlement hub. [WEBSITE]

So what? In the new federal stablecoin law, states aren’t subject to the same licensing rules as private issuers. That means Wyoming can scale FRNT faster and cheaper than Circle or PayPal. That’s a direct shot at the stablecoin giants’ business model. And history suggests this won’t stop at Wyoming: in the 1800s, states minted their own notes until Washington stepped in with a national currency. If state-issued coins (Nebraska, Texas already circling) spread, demand for Treasuries rises, dollar dominance strengthens, and enterprises face a fragmented settlement system: state rails vs. corporate rails. This isn’t about Wyoming alone. It’s about who controls America’s digital money rails:

States vs. corporations
Public profit vs. private profit
National infrastructure vs. corporate platforms

[ANALYSIS]

MetaMask launches its own Stablecoin

MetaMask, the world’s largest self-custodial wallet (30M+ users), is issuing MetaMask USD ($mUSD) with Stripe’s Bridge and M0. Fully integrated into the wallet, it supports onramps, swaps, DeFi, and will soon be spendable at millions of Mastercard merchants via MetaMask Card. [ANNOUNCEMENT]

So what? Circle and Tether built businesses on distribution. MetaMask already is the distribution, embedding its own dollar directly into the wallet stack. Now, it is no more about tokens, but platforms controlling the plumbing of money.

👉 We are going to release another flagship report on stablecoins. Want to partner & expose yourself to 200k+ digital asset leaders? Reach out.

DBS puts tokenised notes on Ethereum

Singapore's largest bank, DBS, is now selling tokenised structured notes directly on the public Ethereum blockchain. By tokenising these notes, which typically require a $100,000 minimum investment, into tradable $1,000 units, DBS is unlocking liquidity and targeting the rapidly expanding base of professional investors and family offices in Singapore, a group that grew 43% year-over-year to over 2,000 in 2024. [NEWS]

So what? This isn't a small experiment. Demand for these digital instruments drove over $1 billion in trades for DBS clients in the first half of 2025 alone, with trade volumes rocketing nearly 60% from Q1 to Q2. While the first product is crypto-linked, DBS plans to expand to equity and credit notes, showing a clear strategy to move traditional financial assets onto public rails.

CME Group’s bet on gamblers

The world's largest derivatives marketplace, CME Group, is partnering with FanDuel to let its millions of customers bet on the S&P 500, oil prices, and GDP figures for as little as $1. The joint venture will operate a non-clearing futures commission merchant (FCM), effectively embedding a regulated exchange inside a consumer gaming app. The CFTC review is pending. [RELEASE]

So what? The "gamification" of complex products is a powerful strategy for mass-market adoption. This partnership blurs the lines between speculation, gaming, and investing, opening the door for non-financial companies to embed sophisticated financial products directly into their consumer experiences.

News Flash

Nuvei uses stablecoins for faster, cheaper payouts in emerging markets . Link
Agora’s AUSD was used to fund Bullish U.S. IPO with with stablecoin proceeds. Link
Citigroup explores stablecoin custody, payments, and crypto ETF support services. Link
SkyBridge to tokenise $300 million in funds on the Avalanche blockchain. Link
BlackRock debuts AlphaAgents using multi-agent AI for smarter equity portfolios. Link
Blockchain lender Figure files for Nasdaq IPO. Link
Korean banks partner with fintechs to prepare for won stablecoin launch. Link
China weighs Yuan stablecoins to expand currency influence. Link
Circle acquires Informal’s consensus engine to Support
Cap launches new stablecoin on Ethereum. Link

That’s all for now, folks.

Take care

– Marc & Team