North Dakota Plans to Launch State-Issued Stablecoin
North Dakota is set to become the second U.S. state to issue its own stablecoin. The digital token, named Roughrider Coin, is expected to launch next year. It will be issued by the Bank of North Dakota in partnership with Fiserv Inc.
The name “Roughrider Coin” honors a volunteer army group led by Theodore Roosevelt during the Spanish-American War. Roosevelt lived in North Dakota in the 1880s, where he raised cattle and hunted. The state often calls itself the “Rough Rider State” to reflect this history.
Bank of North Dakota to Support Local Banks
The Bank of North Dakota, the only state-owned bank in the U.S., will create the stablecoin. It works with over 80 local banks and credit unions, supporting loans for farmers and small businesses.
Don Morgan, the bank’s CEO, said, “We’re leveraging our 106-year history to be a leader in banking and fintech for North Dakota. We see this affecting the industry, so we’re getting involved.”
The Roughrider Coin will be fully backed by U.S. dollars. It will use Fiserv’s new digital asset platform, which relies on technology from Paxos Trust Co. and Circle Internet Group Inc. Initially, the stablecoin will be used for loan advances, overnight lending, and construction payments between banks. Morgan added the bank may offer stablecoin deposit accounts in the future.
Growing Support for State-Issued Stablecoins
Unlike Wyoming’s Frontier Stable Token, Roughrider Coin is not intended for consumer payments soon. Governor Kelly Armstrong said, “North Dakota is taking a cutting-edge approach to create a secure and efficient financial ecosystem for our citizens.”
Since the U.S. president signed the stablecoin bill into law in July 2025, state-issued stablecoins have increased. Many companies launched tokens, and major payment firms like Stripe, PayPal, Visa, and Mastercard expanded into digital assets.
The stablecoin market currently totals $304 billion, a 1.67% rise in the past week, according to DefiLlama. Tether’s USDT leads with over 58% market share, followed by Circle’s USDC and Ethena’s USDe.
