North Dakota is set to become the second US state to issue its own stablecoin. The Roughrider Coin (RRST) will operate on technology provided by Fiserv, Paxos, and Circle and is initially intended for interbank transactions within the state.
The Bank of North Dakota, the only state-owned bank in the United States, announced its plan to launch Roughrider Coin in collaboration with fintech company Fiserv Inc. The stablecoin will be fully backed by US dollars and will initially facilitate transfers between local banks and credit unions for activities such as lending, short-term financing, and funding construction projects.
“Our 106 years of experience allow us to lead in North Dakota’s banking and fintech sectors,” said Bank CEO Don Morgan. He emphasized that the bank aims to adapt to ongoing changes in the financial industry:
“We see how this technology is reshaping the sector, and we want to be active participants in this transformation.”
Roughrider Coin will be among the first stablecoins launched on Fiserv’s new digital platform, which incorporates technologies from Paxos Trust Co and Circle Internet Group, prominent issuers of digital assets.
North Dakota Governor Kelly Armstrong praised the initiative, highlighting the state’s commitment to financial innovation:
“By being one of the first states to issue a fully-backed stablecoin, North Dakota takes a significant step toward creating a secure and efficient financial ecosystem for our citizens.”
The name “Roughrider” honors the volunteer cavalry regiment led by Theodore Roosevelt during the Spanish-American War. Roosevelt had strong ties to North Dakota, where he engaged in farming and hunting in the 1880s. His conservation efforts later contributed to the creation of Theodore Roosevelt National Park.
Initially, Roughrider Coin will be used exclusively for state-level banking operations, although the bank may consider offering stablecoin deposit accounts to customers in the future. Unlike Wyoming’s recently launched Frontier Stable Token, Roughrider Coin is not intended for consumer payments at this stage.
This initiative follows a wave of stablecoin launches after the adoption of the first federal legislation regulating the sector in July 2025. Payment giants such as Stripe, PayPal, Visa, and Mastercard are increasingly integrating digital assets into their services, and some crypto companies, including Circle, Paxos, Ripple, and Coinbase, are applying for banking licenses.
Fiserv COO Takis Georgakopoulos highlighted the positive prospects for the sector:
“Given the favorable regulatory environment and interest from major fintech companies, it’s unlikely this trend will disappear. We expect wider adoption of this technology.”
However, he noted challenges remain, such as creating consumer protection systems similar to those offered by Visa and Mastercard for card payments.
As of early October 2025, the total capitalization of the stablecoin sector exceeded $300 billion for the first time in history, reflecting growing adoption and investor interest.
