North Dakota to Launch State-Backed Stablecoin ‘Roughrider’

North Dakota is poised to become the second U.S. state to issue its own stablecoin, dubbed the Roughrider Coin. The digital token, set to launch next year, will be issued by the Bank of North Dakota in collaboration with Fiserv Inc. The name pays homage to Theodore Roosevelt’s volunteer cavalry unit during the Spanish-American War, reflecting the state’s historical pride.

The Bank of North Dakota, the nation’s sole state-owned bank, will oversee the stablecoin’s creation. With a century-long legacy of supporting local banks and credit unions, the institution aims to pioneer fintech innovation. CEO Don Morgan emphasized the bank’s commitment to leading in this evolving space, leveraging its unique position to benefit farmers and small businesses.

Backed 1:1 by U.S. dollars, the Roughrider Coin will utilize Fiserv’s digital asset platform, powered by technology from Paxos Trust Co. and Circle Internet Group. This MOVE signals growing institutional interest in blockchain solutions, though the article does not mention direct ties to major cryptocurrencies or exchanges.