The Bank of North Dakota, in collaboration with core banking partner Fiserv, is developing the “Roughrider coin,” a US dollar-backed state stablecoin set to be available to financial institutions in North Dakota by 2026. This initiative marks the first US state stablecoin to launch on Fiserv’s digital asset platform, which debuted in June.

The Roughrider coin is fully backed by the US dollar and was created through Fiserv’s digital asset platform. The Bank of North Dakota plans to conduct beta testing with Fiserv to demonstrate the stablecoin’s utility in improving efficiency and quality control for financial transactions between institutions.

While the offering is slated for availability to banks and credit unions in North Dakota in 2026, it will not be accessible to the general public. Fiserv has indicated that the offering aims to increase bank-to-bank transactions, encourage global money movement, and drive merchant adoption.

Fiserv previously launched its white-label stablecoin offering, FIUSD, on Solana earlier this year, a collaboration that involved fintechs Paxos and Circle.

North Dakota Governor Kelly Armstrong commented that the Bank of North Dakota and Fiserv are assisting the state’s financial institutions in adopting new methods for moving money with the Roughrider coin. Don Morgan, CEO of the Bank of North Dakota, stated that the collaboration capitalizes on recent changes in federal law, specifically the GENIUS Act. This act, signed into US law in July, establishes a regulatory framework requiring stablecoins to be backed by high-quality assets, such as US dollars.

Established in 1919 and currently led by CEO Don Morgan, the Bank of North Dakota holds the distinction of being the only state-owned bank in the United States.