North Dakota to pursue state-issued stablecoin 'Roughrider Coin'

The U.S. state of North Dakota plans to launch a state-issued stablecoin next year in cooperation with fintech company Fiserv.

On the 9th (Korean time), cryptocurrency news outlet Decrypt reported that the Bank of North Dakota will use Fiserv's digital asset platform 'FIUSD' to launch the dollar-linked stablecoin 'Roughrider Coin' next year. Roughrider Coin is expected to become the first state-issued stablecoin issued on the Solana (SOL) blockchain.

FIUSD is a blockchain system designed to allow banks and credit unions to issue and transfer dollar-based digital assets, which Fiserv unveiled last June.

North Dakota Governor Kelly Armstrong said via X, "The Bank of North Dakota is working with Fiserv to develop the state's own stablecoin, Roughrider Coin," adding, "As a digital asset backed 1-to-1 by the dollar, it will improve efficiency and quality in the banking sector and provide direct benefits to residents."

The name Roughrider Coin is derived from the volunteer cavalry led by former President Theodore Roosevelt during the Spanish–American War.