North Dakota is developing Roughrider Coin, a U.S. dollar-backed state-backed stable token led by the Bank of North Dakota in partnership with Fiserv. StableTokens tracks verified governance updates, reserve structures, infrastructure development and implementation milestones as North Dakota advances one of America's most significant public stable token initiatives.

Status: 🔵 In Development

North Dakota has emerged as one of the leading states developing public stable token infrastructure in the United States.

Through the Bank of North Dakota, the nation's only state-owned bank, North Dakota is developing Roughrider Coin for use by regulated financial institutions. Rather than launching as a speculative cryptocurrency investment, the initiative is initially focused on financial institutions and improving the speed and efficiency of payments and settlement. The Bank of North Dakota states that the public cannot currently invest in or access Roughrider Coin. 

StableTokens classifies North Dakota as In Development because verified implementation work, an established infrastructure partnership and beta testing are progressing beyond the investigation stage.

StableTokens prioritises primary public sources when assessing the development and classification of Roughrider Coin.

Bank of North Dakota — Roughrider Coin & FAQ

Official programme information covering the beta test, institutional use, backing, Fiserv partnership and public access.

Bank of North Dakota — Official Roughrider Coin Announcement

The October 2025 announcement confirming the Bank of North Dakota and Fiserv partnership and planned deployment.

North Dakota Industrial Commission — March 2026 Agenda Record
Official state documentation recording consideration of the Roughrider Coin business use case.

Fiserv — Roughrider Coin Announcement
Fiserv's official announcement covering its digital asset infrastructure and partnership with the Bank of North Dakota.

This tracker is updated as new verified public information becomes available.

Roughrider Coin is a stablecoin being developed by the Bank of North Dakota and Fiserv for North Dakota's financial system.

The initiative is designed to combine the speed and efficiency of digital asset infrastructure with the stability and compliance standards of regulated banking. BND says its initial beta test will demonstrate the use of stablecoin between financial institutions, while its 2026 materials identify potential applications including real-time payments, embedded finance and cross-institution settlement. 

Roughrider Coin is therefore fundamentally different from a speculative cryptocurrency. Its initial focus is regulated financial infrastructure, with North Dakota's banks and credit unions at the centre of the programme.

North Dakota's approach is centred on modernising financial infrastructure rather than creating a speculative digital asset.

The Bank of North Dakota says local banks and credit unions look to BND for leadership in understanding emerging financial technology. Roughrider Coin gives the state an opportunity to explore faster movement of money while working through North Dakota's existing regulated banking system. 

This institutional model makes North Dakota one of the clearest examples of a state-backed stable token programme currently under development in the United States.

The Bank of North Dakota (BND) is leading the development of Roughrider Coin.

Founded in 1919, BND is the only state-owned bank in the United States. Its longstanding role working with North Dakota financial institutions gives the state an existing public banking institution through which new digital payment infrastructure can be developed. 

The North Dakota Industrial Commission, which oversees BND, approved the Bank moving forward with the initial pilot project. In March 2026, the Commission's official agenda also recorded consideration of approval of the Roughrider Coin Business Use Case. 

This public institutional structure is one of the characteristics that distinguishes Roughrider Coin from privately issued stablecoins.

North Dakota is developing Roughrider Coin in partnership with Fiserv, BND's core banking technology provider.

Roughrider Coin is expected to use Fiserv's digital asset platform and be interoperable with other digital assets supported by that infrastructure. BND says Fiserv approached the Bank about establishing a stablecoin pilot serving financial institutions. 

The partnership moves North Dakota beyond a policy discussion and into practical infrastructure development and testing.

StableTokens monitors future announcements relating to deployment, participating institutions, interoperability and implementation milestones.

Official Bank of North Dakota materials provide more detail on the intended backing of Roughrider Coin.

The original October 2025 announcement described Roughrider Coin as fully backed by U.S. dollars. BND's Spring 2026 publication subsequently described Roughrider Stablecoin as a U.S. Treasury-backed digital asset. 

BND's Roughrider Coin FAQ also describes stablecoin backing as deposits and U.S. Treasury notes with maturities of no more than 93 days, maintained on a 1:1 basis with the stablecoin. 

StableTokens will continue monitoring official documentation for more detailed information regarding the final reserve structure, custody, disclosures and reporting arrangements as the programme moves toward implementation.

The Bank of North Dakota and Fiserv publicly announced Roughrider Coin. The announcement described it as fully backed by U.S. dollars and intended to become available to North Dakota banks and credit unions during 2026. 

The North Dakota Industrial Commission also publicly supported the initiative and confirmed that BND had been given approval to work with Fiserv on development of a beta version. 

The North Dakota Industrial Commission's March 25 agenda included “Consideration of Approval of Roughrider Coin Business Use Case” as part of the Bank of North Dakota's confidential business session, demonstrating continued formal implementation work at the state level. 

Bank of North Dakota published further details describing Roughrider Stablecoin as a new service coming in 2026. The Bank said the U.S. Treasury-backed digital asset would integrate with existing banking systems through Fiserv and could support instant payments, embedded finance and cross-institution settlement. 

North Dakota remains classified by StableTokens as 🔵 In Development while the initiative progresses toward implementation.

StableTokens continuously monitors verified public developments relating to Roughrider Coin, including:

• Bank of North Dakota announcements. 
• North Dakota Industrial Commission decisions. 
• Beta and pilot programme developments. 
• Participating banks and credit unions. 
• Final reserve and custody arrangements. 
• Reserve transparency and disclosure mechanisms. 
• Governance documentation. 
• Fiserv infrastructure milestones. 
• Interoperability developments. 
• Public implementation timelines. 

North Dakota remains one of the most significant state-backed stable token programmes currently being monitored across the United States.

North Dakota: 🔵 In Development

North Dakota is classified In Development because verified implementation work, infrastructure development and beta testing are actively progressing through the Bank of North Dakota and Fiserv.

This is distinct from an Investigating classification, where a state may be studying or considering a stable token without comparable implementation activity.

StableTokens updates this classification whenever new verified public information materially changes the programme's status.

Last updated: September 2026

Editorial Standard: Evidence-based. Transparent. Public.

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