North Dakota Gets in the Stablecoin Game with Roughrider Coin
The Bank of North Dakota (BND), the only state-owned bank in the U.S., is set to launch Roughrider Coin, a USD-backed stablecoin. Developed in partnership with Fiserv, the coin is slated for launch in 2026 and aims to serve banks and credit unions within North Dakota while supporting interbank transactions, merchant payments, and cross-border transfers.
In 2022, the BND’s platform processed an estimated 35 billion merchant transactions, which will now integrate with Roughrider Coin. The platform also enables “white label” stablecoins for financial institutions, offering interoperability for other USD-pegged tokens.
A Famous Name Meets Modern Financing
The coin is named in tribute to Theodore Roosevelt, the former U.S. president and leader of the Rough Riders, linking the state’s historical legacy with a forward-looking financial vision.
Governor Kelly Armstrong emphasized that issuing a stablecoin backed by real money demonstrates North Dakota’s commitment to a secure financial ecosystem for residents.
Founded in 1919, the BND holds over $10 billion in assets and partners with local banks and credit unions to strengthen agriculture, commerce, and industry. Profits are reinvested into state programs and economic development.
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The Competitive Stablecoin Landscape
Roughrider Coin marks the second state-issued stablecoin in the U.S., following Wyoming’s Frontier Stable Token (FRNT), which debuted on seven blockchains before choosing Hedera as its issuer.
Following the signing of the GENIUS Act in July, the U.S. stablecoin market is becoming increasingly competitive. Established tokens like USDT and USDC maintain large market caps, but new entrants like Roughrider Coin are making an impact.
Other recent launches include:
- Hyperliquid: Uses the USD-pegged stablecoin USDH, processing $330 billion in trading volume as of July.
- NET Dollar: Created by Cloudflare to enable instantaneous, programmable transactions for AI systems.
Austin Ballard, Partnerships Manager at Offchain Labs, stated:
“More teams launching stablecoins is a sign of healthy market maturation, not chaos. More tokens is good for business and users in the long run.”
