Anthony J. Apollo is the inaugural Executive Director of the Wyoming Stable Token Commission, a state-chartered entity responsible for issuing the first government-backed stablecoin in the United States. A professional with experience in both traditional finance and the digital asset industry, he has held roles at firms such as KPMG, EY, and ConsenSys. In his current position, Apollo oversees the development, launch, and management of the Wyoming Frontier Token (FRNT). ^{[1] [2]}

Education

Apollo attended Boston University from 2006 to 2008. He later enrolled at the Fordham Gabelli School of Business, where he earned a Bachelor's degree in Accounting, completing his studies in 2010. He continued his education at the same institution, receiving a Master of Business Administration (M.B.A.) with a concentration in Finance in 2011. ^{[3] [11]}

Career

Apollo began his career in traditional finance, working in the audit division for financial services clients. He served as an Audit Intern and later as an Audit Senior Associate at KPMG in Nigeria from 2010 to 2013. Following this, he joined EY, where he worked as a Manager in Advisory Services for Performance Improvement from November 2013 to January 2017. His career then transitioned into the technology sector with a role as a Customer Success Architect at DocuSign from January to September 2017, which served as a basis for later work with blockchain technology.

His entry into the blockchain industry began at ConsenSys, an Ethereum software technology company. While there, he co-founded and served as the "Universe Architect" for Cellarius, a transmedia cyberpunk franchise built on Ethereum, from September 2017 to August 2018. He also co-founded and was the Operations Lead for ConsenSys Sports from August to December 2018. Following his tenure at ConsenSys, Apollo engaged in several entrepreneurial ventures. He co-founded Saffron Solutions, LLC, serving as Operations Lead from January 2019 to December 2020. In January 2021, he founded Rensa, a multimedia development and crowdfunding platform built on the Ethereum and Polygon blockchains, where he also served as CEO.

Attracted by Wyoming's legislative environment for digital assets, Apollo relocated to Cheyenne, Wyoming, in 2021. On September 19, 2023, he was appointed as the first Executive Director of the newly formed Wyoming Stable Token Commission. In this capacity, he leads the state's initiative to issue and manage a public-sector stablecoin. ^{[1] [4] [3] [9] [12] [13]}

Wyoming Stable Token Commission

As Executive Director, Apollo is responsible for administering the commission and directing its efforts to issue the Wyoming Frontier Token (FRNT), previously referred to as the Wyoming Stable Token (WYST). He has described the initiative as "a start-up within the context of US state government." The commission was established by the Wyoming Stable Token Act in March 2023 with an initial budget of $5.8 million from the state's general fund, which is intended to be repaid from project revenues. ^{[5] [6]}

Token Overview and Financial Model

The Wyoming Frontier Token is a stablecoin designed to be pegged 1:1 to the U.S. dollar. Under Apollo's oversight, the commission has established a framework where the token is fully reserved and, by statute, must be capitalized at a minimum of 102%. The reserves consist of U.S. Treasury securities, cash, and repurchase agreements.

The project's financial model is designed to generate revenue for the state. Interest income earned from the reserve assets is first used to cover the commission's operational costs and repay its initial budget. According to Apollo, subsequent profits are directed to state programs, with the Wyoming School Foundation Program designated as the initial beneficiary. He stated, "These are meant to be net new dollars for the state... We kind of balance our own budget first, then the dollars can come back to the state." The commission has also explored the possibility of creating a mechanism to pass a portion of the interest yield directly to token holders in the future, though Apollo has noted this is a long-term concept requiring significant compliance work. ^{[6] [5] [7] [8]}

Development and Launch

The commission, led by Apollo, initiated a public vendor selection process to build the token's infrastructure. A shortlist of qualified vendors was released at a public meeting on February 14, 2025, which included firms like Ava Labs (Avalanche), Mysten Labs (Sui), LayerZero, Fireblocks, Securitize, and The Northern Trust Company. The token was projected to launch on a testnet in late March 2025, with a full public launch targeted for the end of the second quarter of 2025. The Wyoming Frontier Token (FRNT) officially launched in August 2025, coinciding with the Wyoming Blockchain Symposium.

To ensure security and regulatory compliance, the commission announced a partnership on May 13, 2025, with Inca Digital to provide real-time risk management, surveillance, and anti-money laundering (AML) analytics for the stablecoin. On the partnership, Apollo stated, "By leveraging Inca’s industry-leading intelligence tools, we are reinforcing our promise to deliver a trustworthy digital asset for Wyoming and beyond." The underlying blockchain for the token is required to support compliance functions, including the ability to "freeze and seize" assets. The long-term strategy includes making the token available on multiple blockchain networks. ^{[8] [7] [6]}

Regulatory Stance and Controversy

Apollo has publicly addressed the project's position within the evolving U.S. regulatory landscape for digital assets. Commenting on the federal GENIUS Act for stablecoin regulation, he noted that its framework for issuers like banks and trusts does not explicitly include a category for "sovereign entities" such as a state government. However, he emphasized that the commission operates under "very strict guardrails" established by Wyoming's Stable Token Act.

The commission's vendor procurement process drew public criticism from Charles Hoskinson, founder of Cardano and a Wyoming resident, who alleged the process was not transparent and excluded Wyoming-based companies. Hoskinson's concerns led to the formation of the Wyoming Integrity Political Action Committee in January 2025. Shortly thereafter, an amendment to defund the Stable Token Commission was proposed in the Wyoming Senate but was withdrawn before a vote.

Apollo publicly defended the commission's process. He stated that Cardano was not shortlisted because, at the time of assessment, it did not meet the necessary criteria for "freeze and seize" functions required for compliance. In response to claims of a lack of transparency, Apollo asserted, "Any kind of statement that we’ve not been transparent is extremely antithetical to how we’ve operated along the way." He also dismissed the notion that political pressure influenced the legislature, noting the failure of the defunding amendment. ^{[7] [6]}

Public Appearances and Views

Apollo has represented the Wyoming Stable Token Commission at various public forums and events. On April 29, 2025, he was a featured speaker on a webinar panel hosted by The Federalist Society titled "Stablecoins Unpacked: Law, Policy, and Practice." He also attended the Wyoming Blockchain Symposium in Jackson in August 2025 and was a scheduled speaker for the "Meet the Lawmakers" session at the CoinDesk: Policy & Regulation event on September 10, 2025.

He is an advocate for using blockchain technology to improve government transparency. In an interview, he expressed support for running government treasury operations on a blockchain, stating, "I do think having a real-time, traceable ecosystem is exponentially better." He has also articulated a vision for the future of the commission, suggesting it could evolve into a broader "Wyoming Digital Asset Authority" that could tokenize other real-world assets native to the state. On this topic, he said, "This state is rich in gold and silver, land and livestock, oil and gas, rare-earth metals... These are things I would like to put on [block]chain." ^{[7] [5] [2] [9]}

Interviews

Stable Summit #01

On July 7, 2025, Anthony Apollo took part in an interview at Stable Summit III in Cannes, where he outlined the progress of Wyoming’s stable token initiative. In his remarks, Apollo stated that the Wyoming Stable Token (WIST) is intended to be the first fiat-backed, fully reserved stable cryptocurrency issued by a public entity in the United States. He explained that the project builds on legislation introduced in Wyoming since 2016, which created a legal framework for digital assets with provisions related to transparency, privacy, and regulatory clarity.

According to Apollo, the Wyoming Stable Token Commission, composed of the governor, auditor, and treasurer, manages the initiative with oversight at the state level. He indicated that the token will be backed by cash and short-term U.S. Treasury securities in amounts exceeding the tokens in circulation, with the goal of maintaining stability and preventing deviations from the dollar peg.

Apollo also described plans for the token to function on multiple public blockchains, allowing for use in different financial settings. Possible applications mentioned included tax payments and integration into state-level digital asset registries. He further noted that Wyoming law prevents authorities from compelling individuals to disclose their private keys, a provision he linked to broader principles of digital asset privacy.

As part of the timeline presented, Apollo referred to a testnet launch scheduled in the near term, followed by a public launch targeted for July 4, 2025. ^[14]

Crypto In America #02

On August 20, 2025, Anthony Apollo, Executive Director of the Wyoming Stable Token Commission, gave an interview to Crypto In America during which he described the launch of the Frontier Stable Token (FRNT). The FRNT is a state-issued, fully reserved, fiat-backed stablecoin, developed under the direction of the Wyoming government and supported by Visa. It is planned to function across seven different blockchains.

Apollo explained that revenue from the stablecoin’s reserve investments would be allocated to state programs, including the State School Foundation Fund. He stated that the project differs from private stablecoins and central bank digital currencies (CBDCs) by combining privacy protections with compliance requirements for lawful use. He also indicated that the legal structure of Wyoming’s model allows a degree of flexibility not available to private issuers, which could make future yield-bearing functions possible.

In the interview, Apollo described the commission’s approach to interoperability through deployment on multiple blockchains and noted that interstate compacts could facilitate wider adoption. He also mentioned the exploration of tokenization of resources such as minerals and energy. According to Apollo, these measures are part of Wyoming’s broader strategy to adapt its economic framework and incorporate digital asset infrastructure into state-level finance. ^[15]