The Bank of North Dakota and financial technology firm Fiserv unveiled plans Wednesday to launch the Roughrider stablecoin next year. The dollar-backed token will be available to banks and credit unions throughout the state, marking North Dakota as one of the first states to issue its own digital currency backed by reserves.
The Roughrider coin is named after former U.S. President Theodore Roosevelt and his Rough Riders unit that fought in Cuba in the late 1800s. Roosevelt settled in North Dakota after retiring from politics, and the naming honors his historical connection to the state.
North Dakota Governor Kelly Armstrong stated that issuing a stablecoin backed by real money demonstrates that the state is taking an advanced approach to creating a secure and efficient financial ecosystem for its citizens. He emphasized that the new financial frontier has arrived, with the Bank of North Dakota and Fiserv helping state financial institutions embrace innovative methods of moving money.
The token will leverage Fiserv's FIUSD digital asset platform and is expected to be interoperable with other stablecoins. Fiserv, which reportedly processed an estimated 35 billion merchant transactions in 2022, introduced its digital asset platform in June alongside white‑label stablecoin capabilities for banks.
The Roughrider coin is designed to support interbank transactions, merchant payments, and cross‑border money movement. Founded in 1919, the Bank of North Dakota operates as the nation's only state‑owned bank with just over $10 billion in assets, partnering with local financial institutions to support agriculture, commerce, and industry.
Fiserv Chief Operating Officer Takis Georgakopoulos stated that the industry is entering a new era where payments are instant, interoperable, and borderless. He noted that North Dakota's vision and leadership in launching this initiative demonstrate how forward‑thinking policy can drive real progress in digital finance.
The Roughrider token will become the second state‑issued stablecoin announced in the United States this year. Wyoming's Frontier Stable Token launched its mainnet in August across seven blockchains before confirming Hedera as its issuer in September.
Since the GENIUS Act passed in July, the U.S. stablecoin landscape has become increasingly fragmented and competitive. While established issuers like USDT and USDC still dominate by market capitalization, a new wave of entrants is reshaping the market, with industry leaders viewing the surge in competition as a sign of healthy maturation.
Austin Ballard, partnerships manager at Offchain Labs, noted that increased interest in launching and utilizing stablecoins indicates they are succeeding in solving problems for businesses and users. He suggested this trend will prove beneficial in the long term for the broader ecosystem.