The U.S. State Stablecoin Race Heats Up
North Dakota is stepping into the blockchain era with its own state-backed stablecoin, dubbed Roughrider Coin, set to debut in 2026. The initiative — a partnership between the Bank of North Dakota (BND) and financial technology giant Fiserv — marks a milestone in the growing trend of U.S. states experimenting with blockchain-based digital money.
Announced Wednesday, Roughrider Coin will run on Fiserv’s FIUSD platform, a Solana-powered blockchain infrastructure launched in June. The system allows banks and credit unions to issue and transfer U.S. dollar–backed tokens, bridging the gap between traditional finance and blockchain payments.
The Bank of North Dakota has always been an innovator, and today we announced a partnership with Fiserv to develop ND’s own stablecoin, the Roughrider coin. This digital asset, backed by the U.S. dollar, will improve efficiency and quality control in the banking sector, a direct… pic.twitter.com/1yIB9A3Zr9
— Governor Kelly Armstrong (@GovArmstrong) October 8, 2025
The Bank of North Dakota has always been an innovator, and today we announced a partnership with Fiserv to develop ND’s own stablecoin, the Roughrider coin. This digital asset, backed by the U.S. dollar, will improve efficiency and quality control in the banking sector, a direct… pic.twitter.com/1yIB9A3Zr9
— Governor Kelly Armstrong (@GovArmstrong) October 8, 2025
Built on Solana, Backed by the Dollar
The Roughrider Coin will be backed one-to-one with U.S. dollars and interoperable with other assets on Fiserv’s FIUSD platform. It’s designed to speed up interbank transactions, enable cross-border transfers, and drive merchant adoption, said Fiserv’s head of embedded finance, Sunil Sachdev.
The project’s foundation on Solana’s high-speed blockchain highlights the growing integration between state-level finance and decentralized infrastructure, signaling that blockchain is moving beyond experimentation and into regulated public finance.
Honoring Heritage, Embracing Innovation
The name “Roughrider” pays homage to Theodore Roosevelt’s famous volunteer cavalry regiment during the Spanish–American War. According to BND officials, it symbolizes North Dakota’s blend of tradition and innovation — honoring the state’s rugged past while embracing a forward-looking financial future.
The North Dakota Industrial Commission, which oversees the Bank of North Dakota and includes Governor Armstrong, Attorney General Drew Wrigley, and Agriculture Commissioner Doug Goehring, has already authorized a beta version of Roughrider Coin. Development is expected to accelerate through 2025 ahead of its official 2026 rollout.
Aligning with the GENIUS Act
The new token fits within the framework of the GENIUS Act, passed in July, which established the first national regulatory standards for payment stablecoins. The act aims to provide clarity and consumer protections for digital dollar products while giving states legal room to innovate.
The Roughrider Coin will operate in compliance with this federal framework, supporting faster, more secure transactions between financial institutions within the state. Officials say the pilot could serve as a blueprint for other U.S. states looking to explore blockchain-based money systems.
Blockchain Confidence and the State-Backed Future
For Fiserv’s Sachdev, the Roughrider Coin represents the growing confidence in blockchain technology among traditional financial institutions.
The initiative mirrors a similar move by Wyoming, which launched the Frontier Stable Token (FRNT) in August through a partnership with LayerZero. Together, the two states are pioneering blockchain-based finance within a regulated, government-backed framework — signaling a major shift toward digital public money in the U.S.
