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North Dakota has announced plans to launch the Roughrider coin, the state's first stablecoin, in 2026 through a partnership between the Bank of North Dakota and payments technology provider Fiserv, making it the second U.S. state to issue its own digital currency.
The move, announced in a statement Wednesday, follows Wyoming's August launch of the Frontier Stable Token (FRNT), which marked the first state-issued stablecoin in the United States. The dual launches signal growing state-level interest in blockchain-based payment systems as alternatives to private stablecoins dominating the market.
Both states have leaned into frontier imagery for their digital currency brands. North Dakota's Roughrider coin honors Theodore Roosevelt and his Rough Riders cavalry unit, while Wyoming's token adopts the "Frontier" name directly. The Western branding reflects both states' positioning as pioneers in uncharted territory, mirroring their historical identities as frontier states willing to experiment.
"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," said Governor Kelly Armstrong. "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."
The Roughrider coin will be fully backed by U.S. dollars and operate on Fiserv's digital asset platform announced in June alongside the company's white-label stablecoin FIUSD. The coin will be available to banks and credit unions in North Dakota, with aims to increase bank-to-bank transactions, encourage global money movement, and drive merchant adoption.
Fiserv's platform provides infrastructure for approximately 10,000 financial institution clients and 6 million merchant locations processing 90 billion transactions annually, positioning the company to drive stablecoin adoption among traditional financial institutions.
"We're entering a new era where payments are instant, interoperable, and borderless," said 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."
Wyoming's Frontier Stable Token announced its launch on mainnet in August through the Wyoming Stable Token Commission, with Governor Mark Gordon serving as chairman. FRNT is backed by U.S. dollars and short-duration treasuries with legislatively-mandated 2% overcollateralization, providing additional security beyond typical 1:1 stablecoin backing.
"For years, Wyoming has been the leading state on blockchain, cryptocurrency, and digital asset regulation, passing over 45 pieces of legislation since 2016," Gordon said at FRNT's launch. "Today, Wyoming reaffirms its commitment to financial innovation and consumer protection."
Wyoming deployed FRNT across seven blockchains including Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, and Solana through token issuance partner LayerZero. At the time of writing, the token is not yet trading, though it was announced that it would be available on Solana through Kraken and on Avalanche through Rain's Visa-integrated card platform
North Dakota's approach differs by partnering with Fiserv's proprietary platform rather than deploying directly on public blockchains. The Roughrider coin is expected to be interoperable with other coins on the FIUSD platform, though details about blockchain infrastructure remain unspecified.
State-issued stablecoins present a distinct model from private alternatives like USDC and USDT, which dominate the $170 billion stablecoin market. Government backing could provide additional credibility and regulatory clarity, though questions remain about scalability, adoption incentives, and competitive positioning against established private stablecoins.
Whether state-issued stablecoins gain meaningful market share against private alternatives depends on adoption incentives, use case development, and whether government backing provides sufficient differentiation to overcome network effects favoring established stablecoins.
