North Dakota will become the second state in the U.S. to officially launch its own stablecoin, Roughrider Coin (RRST), which is backed by the U.S. dollar and will operate on the technologies of Fiserv, Paxos, and Circle.
This is reported by Business • Media
Launch of Roughrider Coin: Innovations in the State’s Financial Sector
The only state-owned bank in the United States, the Bank of North Dakota, has announced a partnership with fintech company Fiserv Inc. to launch its own stablecoin, Roughrider Coin. Initially, the digital asset will be used for banking operations between local financial institutions—banks and credit unions. Specifically, RRST will serve as a tool for issuing loans, short-term lending, and financing construction projects within the state.
Roughrider Coin is fully backed by the U.S. dollar and will be integrated through Fiserv’s digital platform, utilizing the technologies of Paxos Trust Co and Circle Internet Group Inc, leading issuers of digital assets. Thus, the Bank of North Dakota is among the first in the country to implement such an innovation at the state level.
“We are leveraging our 106 years of experience to become leaders in the banking and fintech sectors of North Dakota,” said the bank’s CEO, Don Morgan.
According to Morgan, Roughrider Coin will initially be used exclusively for intrastate banking operations; however, in the future, the bank does not rule out the possibility of opening deposit accounts in stablecoins for clients.
The Stablecoin Market in the U.S. and North Dakota’s Role
Governor Kelly Armstrong has supported the innovation and emphasized North Dakota’s ambition to become a leader in financial innovation. The stablecoin is named after the volunteer cavalry regiment, the Rough Riders, commanded by Theodore Roosevelt. Roosevelt himself had a close connection to North Dakota, influencing the region’s development and contributing to the creation of a national park that bears his name.
Unlike the first state stablecoin, Frontier Stable Token, launched in Wyoming, Roughrider Coin is currently not intended for consumer payments but focuses on interbank transfers. The launch occurs against the backdrop of strengthening regulatory frameworks in the U.S. following the passage of federal stablecoin legislation in July 2025, which paved the way for larger-scale digital asset issuances in the country.
At the same time, leading payment giants—Stripe, PayPal, Visa, and Mastercard—are actively integrating stablecoins into their services. Cryptocurrency companies, including Circle, Paxos, Ripple, and Coinbase, are also applying for banking licenses, indicating the growing role of digital assets in the traditional financial ecosystem.
Fiserv’s Chief Operating Officer, Takis Georgakopoulos, notes the positive prospects for the stablecoin industry and emphasizes the importance of creating reliable consumer protection mechanisms similar to those in card payment systems.
The market capitalization of stablecoins surpassed $300 billion for the first time in early October, demonstrating increasing trust in digital currencies backed by real assets.