Roughrider Coin: North Dakota's Digital Charge for Smarter Banking

The Bank of North Dakota and Fiserv have announced the development of the Roughrider Coin, the first U.S. state-backed stablecoin to launch on Fiserv's digital asset platform. Fully backed by U.S. dollars, the initiative aims to enhance financial efficiency for North Dakota's banks and credit unions, with a planned rollout in 2026title1^[1]. The stablecoin, named after Theodore Roosevelt's Rough Riders, seeks to streamline interbank transactions, global money movement, and merchant adoptiontitle2^[2]. Fiserv's FIUSD platform, which supports interoperability with other digital assets, will underpin the Roughrider Coin, leveraging blockchain technology to enable instant and borderless paymentstitle3^[3].

Governor Kelly Armstrong emphasized that North Dakota's approach reflects a "cutting-edge" strategy to build a secure and efficient financial ecosystemtitle4^[4]. The state-owned bank, which has a 106-year history of supporting agriculture, commerce, and industry, stated the project aligns with recent federal regulatory developments, including the GENIUS Act signed in July 2025title5^[5]. This legislation established a federal framework for stablecoin issuance, enabling states to explore digital asset integration while ensuring compliance with existing financial safeguardstitle6^[6]. Fiserv, a Fortune 500 company processing 90 billion transactions annually for 10,000 institutions, highlighted its role in bridging traditional finance and blockchain innovationtitle7^[7].

The Roughrider Coin will initially focus on institutional use cases, such as overnight lending and loan settlements, rather than retail transactionstitle8^[8]. Bank of North Dakota CEO Don Morgan noted that the stablecoin builds on the institution's legacy of fostering economic resilience while adapting to technological advancementstitle9^[9]. Fiserv's COO, Takis Georgakopoulos, described the initiative as a step toward "instant, interoperable, and borderless" payments, underscoring the potential for broader adoption in the financial sectortitle10^[10].

North Dakota joins Wyoming as the second U.S. state to advance state-backed stablecoin projects. Wyoming's Frontier Stable Token, launched in August 2025, operates on multiple blockchains and serves as a testbed for state-level digital currency experimentation. The growing interest in stablecoins is supported by a surge in market capitalization, which reached $293 billion in October 2025, a 70% increase from the previous year. Analysts attribute this growth to regulatory clarity and the efficiency of stablecoins in reducing transaction costs for institutions and merchants.

The project involves a phased rollout, with a pilot program expected to begin in 2026 after approval from the North Dakota Industrial Commission. The bank will conduct risk assessments and cost projections to ensure the stablecoin's integration aligns with state financial priorities. While immediate plans focus on institutional transactions, future expansions could include stablecoin-based deposit accounts or broader retail applications. The initiative also reflects broader trends in global adoption, with stablecoins increasingly serving as USD-based alternatives in markets with volatile traditional currencies.