Banking and Finance Law Daily Wrap Up, FINANCIAL TECHNOLOGY—Bank of North Dakota partners with Fiserv to introduce the state’s first stablecoin, (Oct 9, 2025)

By Patricia K. Ruiz, J.D.

The state’s Industrial Commission has given the bank the go-ahead to develop a beta version of the Roughrider coin.

The Bank of North Dakota (BND) and Fiserv, Inc., have announced the Roughrider coin, the state’s first stablecoin. The Roughrider coin is fully backed by U.S. dollars and will launch on the Fiserv digital asset platform in 2026, according to a BND press release. The Roughrider coin aims to increase bank-to-bank transactions, encourage global money movement, and drive merchant adoption. It will leverage the digital asset platform for FIUSD, Fiserv’s white-label stablecoin, and is expected to be interoperable with other coins.

“As one of the first states to issue our own stablecoin backed by real money, North Dakota is taking a cutting-edge approach to creating a secure and efficient financial ecosystem for our citizens,” said Governor, Kelly Armstrong. “The new financial frontier is here, and The Bank of North Dakota and Fiserv are helping North Dakota financial institutions embrace new ways of moving money with the Roughrider coin.”

Roughrider coin. The value of a stablecoin is tied directly to a real asset, as opposed to more volatile cryptocurrencies like Bitcoin and Ethereum, whose values fluctuate based on supply, market demand, and investor sentiment, according to BND. Stablecoins offer blockchain’s benefits of speed, efficiency, and accessibility while providing the stability of traditional financial assets. In passing the GENIUS Act, Congress established stablecoin as an accepted part of the financial system. The legislation established the framework for payment stablecoins by requiring them to be backed with high-quality assets, mandated disclosures and audits, ensured reserve transparency, and created rules for permitted issuers. The public will not be able to invest in or access the Roughrider coin.

Pilot project. Fiserv approached BND to establish a stablecoin pilot project that serves financial institutions, according to BND’s Roughrider FAQ. The collaboration with Fiserv is occurring a non-binding agreement with zero associated development costs. If there are costs after development, they will be through a contract approved by the state’s Industrial Commission. The total expected investment in the pilot project is to be determined after development. There will be no energy impact from the pilot project, nor will there be any impact on BND staff.

The FAQ explains that BND will not begin serving people and financial institutions out-of-state, stating, “Our mission is not changing, but there is an evolution of products and services in the financial industry. Moving into the Fintech space will allow financial institutions to help their customers, with the ultimate goal of making movement of money easy and seamless for all users.”

Wyoming stablecoin. In August 2025, Wyoming announced the launch of the Frontier Stable Token (FRNT), making the state the “first public entity in the United States to issue a blockchain-based stable token.” The FRNT is fully backed by U.S. dollars and short-duration treasuries, held in trust for the benefit of token holders. The FRNT fortifies its stability with a legislatively mandated remit to achieve 2% overcollateralization, according to the announcement. According to Wyoming Governor Mark Gordon, the FRNT is “designed to provide secure, transparent, and efficient digital transactions for individuals, businesses, and institutions—worldwide,” (see Banking and Finance Law Daily, Aug 20, 2025).

Companies: Bank of North Dakota; Fiserv, Inc.

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