Financial technology firm Fiserv and the Bank of North Dakota said Wednesday they plan to launch a stablecoin next year.
In honor of former U.S. President Theodore Roosevelt and his Rough Riders, the two companies have decided to call the new coin the "Roughrider" stablecoin. The coin will be available to banks and credit unions in the state, the companies said.
In August, the Wyoming Stable Token Commission unveiled the mainnet launch of its first official state-backed stablecoin. The move came about one month after President Donald Trump signed the first federal stablecoin bill into law, creating a framework for issuers to operate.
"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," North Dakota Governor Kelly Armstrong said in the statement. "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."
The Roughrider coin will leverage the FIUSD digital asset platform and should eventually be interoperable with other coins, according to Wednesday's statement.
In June, Fiserv said it unveiled the FIUSD stablecoin so the firm's customers could use the "interoperable digital asset" for banking and payments.
"We're entering a new era where payments are instant, interoperable, and borderless," said Fiserve COO Takis Georgakopoulos. "...North Dakota's vision and leadership in launching this initiative show how forward-thinking policy can drive real progress in digital finance."
