BISMARCK, N.D.–The Bank of North Dakota said it plans to launch the state’s first stablecoin, to be known as “Roughrider.”
North Dakota’s state-owned bank is partnering with Fiserv, a Fortune 500 financial technology company, to introduce stablecoin into the state’s banking system, officials announced during a news conference.
The name Roughrider honors the volunteer military unit led by President Theodore Roosevelt.
Bank of North Dakota President and CEO Don Morgan said the move aims to ensure “the continued health, resilience and relevancy” of North Dakota banks and credit unions, according to the North Dakota Monitor.
“We have a 106-year history of commitment to North Dakota agriculture, commerce and industry through our financial institution partnerships,” Morgan said in a statement. “The development of the Roughrider coin reflects that commitment.”
The First Test
The first test of the stablecoin in North Dakota banks and credit unions is expected to occur in 2026, the North Dakota Monitor reported. It will require the approval of the North Dakota Industrial Commission, which oversees the Bank of North Dakota.
“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,” Gov. Kelly Armstrong, who chairs the Industrial Commission, said in a statement.
What’s Envisioned
According to the Bank of North Dakota, stablecoins are envisioned primarily for use in bank-to-bank transactions. Money transfers that used to take days will be able to take place within minutes, the bank said.
As the CU Daily previously reported, earlier this year Wyoming took a different approach and launched its own stablecoin known as the Frontier Stable Token.
