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North Dakota Lenders Report Faster Settlement With State Bank’s Stablecoin

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North Dakota Lenders Report Faster Settlement With State Bank’s Stablecoin

Financial institutions that are using the Bank of North Dakota’s (BND) new stablecoin, Roughrider Coin, are finding that it delivers practical benefits, BND said in a Monday (Oct. 5) press release.

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The stablecoin went live Oct. 1, according to a press release issued at the time by Fiserv, the global provider of payments and financial services whose digital asset platform is powering the Roughrider Coin.

In its Monday press release, BND described Roughrider Coin as a “U.S. dollar-backed, tokenized digital asset that modernizes interbank payments for community banks and credit unions across the state.”

BND, a state-owned bank that partners with financial institutions to create economic opportunity and stability across the state, said Roughrider Coin was developed for regulated institutions and integrated with existing payment operations; enables secure, near real-time settlement for routine bank-to-bank transactions; and is available to all of the state’s financial institutions, though utilization of the stablecoin is voluntary.

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BND President and CEO Don Morgan said in the release that four North Dakota banks worked with BND to validate the use case of Roughrider Coin.

First International Bank & Trust CEO Peter Stenehjem said in the release: “Roughrider Coin represents an additional payment rail that can support future use cases where blockchain technology delivers meaningful value.”


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