The Bank of North Dakota (BND) has officially announced plans to issue its own state-backed stablecoin, named Roughrider Coin (RRST), becoming only the second U.S. state to do so. This groundbreaking initiative is being developed in partnership with Fiserv Inc., leveraging the blockchain infrastructure of Paxos Trust Co. and Circle Internet Group Inc., two of the most trusted names in the digital asset industry.
According to the official announcement, Roughrider Coin will be fully backed by U.S. dollars and initially used for interbank transactions within North Dakota. These transactions include loan issuance, short-term credit operations, and construction financing between local banks and credit unions. The project aims to make the state’s financial ecosystem more efficient, secure, and transparent through blockchain-based settlement and recordkeeping.
BND CEO Don Morgan emphasized that this project builds on the bank’s 106-year history of supporting innovation in the region. “We’re using our legacy to lead the next era of banking and fintech in North Dakota,” he said. “The financial industry is changing rapidly, and this technology will undoubtedly play a central role in shaping its future. We want to be part of that transformation.”
The Fiserv digital asset platform, which powers Roughrider Coin, was designed specifically for regulated institutions and ensures compliance with both state and federal financial regulations. This strategic move positions North Dakota as a pioneer in state-level blockchain adoption, following Wyoming’s Frontier Stable Token, which launched earlier this year. However, unlike Wyoming’s token, Roughrider Coin will not be used for consumer payments—at least in its initial phase.
North Dakota Governor Kelly Armstrong praised the initiative, calling it a step toward creating a secure, efficient financial ecosystem for state residents. “By issuing a fully backed, government-supported stablecoin, North Dakota is taking a bold leap toward the future of finance,” Armstrong said.
The name “Roughrider” was chosen in honor of the historic U.S. volunteer cavalry regiment led by Theodore Roosevelt during the Spanish-American War. Roosevelt’s close connection to North Dakota and his legacy as a conservationist and reformer inspired the token’s name, symbolizing courage, innovation, and leadership.
Initially, Roughrider Coin will be limited to in-state banking operations, but BND has not ruled out expanding to stablecoin-based customer deposits in the future. The project arrives amid a wave of stablecoin innovation following the passage of the first federal regulatory framework for digital assets in July 2025.
Major payment giants like Stripe, PayPal, Visa, and Mastercard are also integrating stablecoin and blockchain technologies into their payment systems, while companies such as Circle, Paxos, Ripple, and Coinbase continue to pursue banking licenses to bridge the gap between traditional finance and Web3.
According to Fiserv COO Takis Georgakopoulos, the future of stablecoins looks promising: “Given the favorable regulatory environment and strong interest from major fintech firms, we’re far more likely to see continued growth and adoption than decline.” However, he noted that consumer protection frameworks must evolve to match the robustness of current card networks like Visa and Mastercard.
Conclusion:
With Roughrider Coin, North Dakota positions itself as a trailblazer in state-level blockchain innovation, setting an example for how regulated digital currencies can enhance financial operations. As stablecoins surpass $300 billion in market capitalization, initiatives like this underscore a broader trend: U.S. states are moving from observation to implementation in the race to modernize financial infrastructure through blockchain.
