North Dakota is preparing to launch the state-backed stablecoin Roughrider Coin, making it the second state in the U.S. to have its own digital token fully backed by the dollar.
This is reported by Finway
Implementation of Roughrider Stablecoin: Partnership and Initial Use Phase
The only state-owned bank in the U.S., Bank of North Dakota, has announced the launch of the Roughrider Coin (RRST) stablecoin in collaboration with fintech company Fiserv Inc. Leading digital asset issuers Paxos Trust Co and Circle Internet Group Inc are also involved in the platform’s development. In the initial phase, the token will be used for interbank settlements among the state’s financial institutions, particularly during loan issuance, short-term lending, and construction financing.
Roughrider Coin is fully backed by the U.S. dollar, ensuring its stability and security for participants in the financial ecosystem. According to bank officials, there are plans to introduce deposit accounts in stablecoins for customers in the future.
“We are leveraging our 106 years of experience to become leaders in the banking and fintech sectors of North Dakota,” said bank CEO Don Morgan.
Financial Innovations and Historical Context
North Dakota Governor Kelly Armstrong emphasized that the state aims to be at the forefront of financial innovations by issuing a stablecoin backed by real assets. The name Roughrider refers to the legendary volunteer cavalry regiment of the U.S. that Theodore Roosevelt commanded during the Spanish-American War. Roosevelt has strong ties to North Dakota, where he was a farmer and hunter in the 1880s, and his activities contributed to the establishment of Theodore Roosevelt National Park.
Unlike the Frontier Stable Token, recently launched in Wyoming, Roughrider Coin is not currently intended for mass consumer payments and will only be used for intrastate banking operations.
The launch of the Roughrider stablecoin comes amid a growing wave of new stablecoins following the passage of the first federal law regulating the digital asset market in the U.S. in July 2025.
Additionally, major payment companies such as Stripe, PayPal, Visa, and Mastercard are actively integrating digital assets into their products, while leading cryptocurrency firms, including Circle, Paxos, Ripple, and Coinbase, are applying for banking licenses in the U.S.
Fiserv’s Chief Operating Officer Takis Georgakopoulos expressed confidence in the continued growth of the stablecoin segment and noted that to fully integrate new technologies, consumer protection systems similar to those used by Visa and Mastercard for card payments need to be developed.
It is worth noting that at the beginning of October, the total market capitalization of the stablecoin segment surpassed $300 billion for the first time, indicating the growing role of digital assets in the global financial system.