Roughrider Coin is a state-endorsed stablecoin issued by the Bank of North Dakota (BND) in partnership with financial technology firm Fiserv. Launched as a pilot project, it is designed to facilitate more efficient and secure bank-to-bank transactions within North Dakota and is not available for public investment or use. ^{[1] [2]}

Overview

Roughrider Coin was introduced on October 8, 2025, as a beta framework to modernize North Dakota's financial infrastructure. As a stablecoin, its value is pegged on a one-to-one basis with the U.S. dollar, backed by assets such as bank deposits and short-term U.S. Treasury notes. The project's primary goal is to serve as a tool for the state's community banks and credit unions, enabling faster and more secure interbank transfers for functions like loan advances and overnight lending. The initiative positions North Dakota as the second U.S. state, after Wyoming, to officially endorse a stablecoin. ^[2]

The project is a collaboration between the Bank of North Dakota, the only state-owned bank in the United States, and Fiserv, its core banking services provider. BND initiated the project to act as a technological leader for the local financial institutions it serves, while Fiserv provided the underlying digital asset platform.

The name "Roughrider Coin" is a tribute to the 1st United States Volunteer Cavalry, the volunteer regiment led by Theodore Roosevelt, who had significant historical ties to North Dakota. The state plans to open the Theodore Roosevelt Presidential Library in 2026. ^{[2] [1]}

The coin's rollout strategy focuses exclusively on financial institutions first, a "bank-first" approach intended to build credibility and demonstrate the technology's safety before any potential wider adoption. This contrasts with other state-level stablecoin initiatives that have pursued a direct-to-consumer model. The project also serves an educational purpose, helping North Dakota's local financial institutions gain experience with emerging financial technologies in a controlled environment. ^{[2] [1]}

History

The development of Roughrider Coin was influenced by several key events in the digital asset space. A significant catalyst was the passage of the federal GENIUS Act in July 2024, which established a regulatory framework for payment stablecoins. Don Morgan, President and CEO of the Bank of North Dakota, described the act as a "true threshold moment" that integrated stablecoins into the established financial system. ^[2]

Following this legislative development, the state of Wyoming announced its "Frontier Stable Token" in August 2025, becoming the first U.S. state to endorse such a digital currency. Shortly after, Fiserv, which had been developing its institutional stablecoin platform, approached the Bank of North Dakota to collaborate on a pilot project. The North Dakota Industrial Commission, the governing body for BND, subsequently approved the non-binding agreement for the pilot phase. ^{[2] [1]}

The Bank of North Dakota and Fiserv officially launched the Roughrider Coin pilot project on October 8, 2025. The announcement was endorsed by state leadership, with Governor Kelly Armstrong describing the initiative as a "cutting-edge method of modernizing the state's financial infrastructure." The launch positioned North Dakota as a key player in the exploration of state-regulated blockchain systems. ^{[2] [3]}

Technology

Roughrider Coin is built on Fiserv's digital asset platform, utilizing its white-label stablecoin product known as FIUSD. The technology is designed to combine the stability and reliability of traditional finance with the efficiency of blockchain technology. A key feature of the platform is its ability to operate on a 24/7/365 payment rail, allowing for near-instantaneous transactions between institutions, unlike traditional banking systems that are restricted by business hours and processing delays. ^[2]

Asset Backing and Stability

As a stablecoin, Roughrider Coin is designed to maintain low volatility by being fully backed by reserve assets. Its value is pegged 1:1 to the U.S. dollar. According to the Bank of North Dakota, the reserves backing the coin consist of assets such as deposits and U.S. Treasury notes with maturities of 93 days or less. This backing mechanism is intended to ensure that every coin in circulation can be redeemed for its equivalent value in fiat currency, providing stability for financial transactions. The project is also stated to have no significant energy impact, distinguishing it from energy-intensive proof-of-work cryptocurrencies. ^[1]

Distinctions from Other Digital Assets

The Bank of North Dakota has clarified the distinction between Roughrider Coin and other forms of digital currency to define its specific use case.

• Cryptocurrencies: Unlike volatile cryptocurrencies such as Bitcoin, whose value is determined by market supply and demand, Roughrider Coin's value is pegged to a reserve asset. It is intended for transactional purposes rather than speculative investment.
• Tokenized Deposits: The project is also distinct from tokenized deposits like JPM Coin. While tokenized deposits represent actual bank deposits on a blockchain and are used to move money within existing banking infrastructure, stablecoins like Roughrider are designed more broadly for payments and can serve as an "on and off ramp" between fiat currency and the wider digital asset ecosystem.

These distinctions highlight the coin's specific role as a stable medium of exchange for a closed loop of financial institutions. ^[1]

Use Cases and Scope

The initial application of Roughrider Coin is strictly limited to interbank transactions among community banks and credit unions within North Dakota. The pilot project focuses on demonstrating efficiencies in specific wholesale financial activities. ^[2]

Primary Use Cases

• Loan Advances: Facilitating the rapid transfer of funds for loan disbursements between financial institutions.
• Overnight Lending: Streamlining the process for banks to lend and borrow reserves from one another on an overnight basis.
• Construction Advances: Improving the speed and security of fund transfers related to construction project financing.

Scope and Availability

The Roughrider Coin is not available to the general public for investment, trading, or personal use. Its scope is confined to the network of financial institutions that the Bank of North Dakota serves. This controlled, institutional-only approach is a core part of the project's strategy to test the technology and build trust within the existing financial system. BND has stated that its mission is not changing to serve out-of-state entities through this project. ^[1]

Key Entities and Partnerships

The Roughrider Coin initiative is the result of a public-private partnership involving state government bodies and a major financial technology company.

• Bank of North Dakota (BND): As the nation's only state-owned bank, BND is the issuer of Roughrider Coin. It initiated the project to fulfill its role as a leader in financial innovation for the state's local banks and credit unions. ^[1]
• Fiserv, Inc.: A Wisconsin-based financial technology firm and BND's core software provider, Fiserv is the primary technology partner. The coin is built on Fiserv's digital asset platform, and the company's executives have framed the project as a way to provide a "more modern, secure, and efficient way to move money." ^[2]
• North Dakota State Government: The project has received endorsement from the state's executive branch, including Governor Kelly Armstrong. The North Dakota Industrial Commission, which oversees BND, provided the official approval for the bank to proceed with the pilot project. The state's legislative leadership was also briefed on the initiative's development. ^[1]