Fiserv, Inc. (NYSE: FI), a global provider of payments and financial services technology, in partnership with the Bank of North Dakota, announced the Roughrider coin, North Dakota’s stablecoin. Backed by U.S. dollars, the Roughrider coin will reportedly become the first U.S. state stablecoin to launch on the Fiserv digital asset platform.
Wyoming recently announced it would issue a state-based stablecoin labeled the Frontier or FRNT.
Acknowledging Theodore Roosevelt and his Rough Riders, the Roughrider coin will aim to increase bank-to-bank transfers, improve global money movement, and boost merchant adoption.
The coin will be available to banking institutions as well as credit unions that are based in North Dakota (by next year).
The Fiserv digital asset platform, unveiled earlier this year along with a white-label stablecoin, FIUSD, presents Fiserv customers with access to a more efficient, and interoperable digital asset payment service.
The Roughrider coin will leverage the FIUSD digital asset platform and is expected “to be interoperable with other coins.”
Governor, Kelly Armstrong said:
“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. 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.”
As an infrastructure provider working with various financial institution clients and many different merchant locations processing billions worth of transactions annually, Fiserv claims that it understands the opportunities and challenges of digital asset integration for banks and merchants.
It aims to now be positioned to drive the “adoption of bank-friendly stablecoins, and Roughrider, among the payments industry and North Dakota’s financial institutions.”
Takis Georgakopoulos, COO at Fiserv:
“With Roughrider Coin, we’re bringing together the reliability of traditional finance and the innovation of blockchain to deliver faster and smarter digital payments. “
Don Morgan, chief executive officer of the Bank of North Dakota:
“The development of the Roughrider coin reflects that commitment, capitalizes on recent changes in federal law, and ensures the continued health, resilience, and relevancy of the North Dakota financial industry for its citizens.”