Bank of North Dakota is partnering with Milwaukee-based fintech Fiserv to launch the first state-backed stablecoin in the country. .The Roughrider coin is expected to debut on the Fiserv digital asset platform next year and be available to banks and credit unions across North Dakota. The coin is intended to modernize financial transactions by increasing bank-to-bank payments, promoting global money movement and enabling merchant adoption.The Roughrider coin is expected to leverage Fiserv’s FIUSD digital asset platform, announced earlier this year, enabling interoperability with other coins and supporting faster, borderless payments. The coin is named in honor of former President Theodore Roosevelt’s Rough Riders, a group of college athletes, cowboys and hunters who were in the Spanish-American War. “As one of the first states to issue our own stablecoin backed by real money, North Dakota is taking a cutting-edge approach to creating a secure and efficient financial ecosystem for our citizens,” said North Dakota Gov. Kelly Armstrong.Bank of North Dakota, the nation’s only state-owned bank, has more than $10 billion in assets. Fiserv processes more than 90 billion transactions annually for about 10,000 financial institutions and 6 million merchants.“With Roughrider Coin, we’re bringing together the reliability of traditional finance and the innovation of blockchain,” said Fiserv Chief Operating Officer Takis Georgakopoulos. “North Dakota’s vision and leadership in launching this initiative show how forward-thinking policy can drive real progress in digital finance.”Three other states have announced their own stablecoin initiatives. In 2023, the Wyoming Legislature authorized the state’s Stable Token Commission to issue “Wyoming Stable Tokens,” which are redeemable for U.S. dollars. Nebraska’s 2021 Financial Innovation Act created a charter for digital asset depository institutions. Tennessee has also proposed launching a stablecoin.
