Key Highlights
- Bank of North Dakota (BND), a state-owned Bank of North Dakota, will launch “Roughrider Coin”, a USD-pegged stablecoin
- The stablecoin will first be used by banks and credit unions within the state to streamline interbank transactions
- Each Roughrider Coin will be fully backed 1:1 by USD held in reserve, and the project has received official approval from the state’s industrial commission
On October 8, North Dakota announced plans to launch its own USD-backed stablecoin, called “Roughrider Coin,” in 2026.
The announcement came on October 8 during the Fintech 2025 Conference hosted by the Bank of North Dakota (BND), which is the only state-owned bank in the United States.
According to the discussion, the bank will first issue the stablecoin for use by other banks and credit unions within the state in partnership with the global financial technology company Fiserv.
The goal is to facilitate faster and more efficient transactions between financial institutions.
Roughrider Coin: A Stablecoin Built on History and Trust
The digital currency’s name, “Roughrider Coin,” pays homage to Theodore Roosevelt’s famous cavalry unit. It reflects the state’s deep historical roots. It will be built using Fiserv’s digital asset platform and will operate on the FIUSD protocol.
Crucially, each Roughrider Coin will be fully backed one-to-one by USD held in reserve at the Bank of North Dakota.
This structure is designed to guarantee its stability and build trust among users.
Initially, it will be used for institutional banking activities, such as overnight lending and interbank loans. State leaders, including Governor Kelly Armstrong, believe this will lead to lower costs, quicker settlement times, and more transparent financial operations for North Dakota residents.
Technical Framework and Regulatory Approval
From a technical standpoint, the stablecoin will use blockchain technology to create a permanent and unchangeable record of transactions. This will allow for real-time auditing and simpler compliance with financial regulations.
At launch, the coin will not require standard customer identity checks because its use is restricted to financial institutions, not the general public.
The backend infrastructure will be managed by Fiserv, a company with extensive experience serving thousands of financial institutions. The project has already received the green light from North Dakota’s Industrial Commission. It demonstrates broad political support for this innovative step.
The announcement has been met with optimism from financial analysts and the cryptocurrency community. Many see it as a major step toward merging conventional banking with modern decentralized finance.
Reports suggest it could attract new fintech investment to North Dakota and simplify global money movement. However, questions about federal regulation remain, as U.S. officials are still debating stablecoin rules.
The state has positioned this as a pilot project that fully complies with existing laws. Future phases of the rollout could eventually include retail access, allowing everyday people to use Roughrider Coins for payments and remittances.
The Growing Trend of State-Issued Digital Money
North Dakota is not alone in this endeavor. It is part of a growing wave of U.S. states exploring their own digital currencies. Wyoming launched the first state-issued stablecoin, the Frontier Stable Token, in August 2025.
Nebraska also passed laws earlier in 2025 allowing state-chartered banks to mint stablecoins. Other states, including New Hampshire and Louisiana, are actively studying similar proposals.
Globally, this trend is mirrored by projects like the Bahamas’ “Sand Dollar.” This shift shows a wider movement toward modernizing financial systems with blockchain technology.
It potentially reduces reliance on traditional financial intermediaries and fostering economic growth. As North Dakota moves forward, its Roughrider Coin could become a model for other states looking to digitize their economies.
