51 Insights

51 Insights

141: Who Prints the Dollar?

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Sangam Bharti's avatar
Marc Baumann and Sangam Bharti
Aug 23, 2025
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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 stat…

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