Bank of North Dakota launches Roughrider Coin, credits collaboration and controlled innovation

Bismarck, N.D. — Bank of North Dakota (BND) announced the successful launch of Roughrider Coin, a U.S. dollar‑backed, tokenized digital asset that modernizes interbank payments for community banks and credit unions across the state. Developed for regulated institutions and integrated with existing payment operations, Roughrider Coin enables secure, near real‑time settlement for routine bank‑to‑bank transactions.

“Roughrider Coin reflects the strength of North Dakota’s financial community working together,” said Don Morgan, BND President and CEO. “Four of our state’s financial institutions partnered with BND to validate the use case, and our collaboration with Fiserv, VersaBank USA and Solana provided the proven technology to bring this infrastructure online.”

Participating financial institutions emphasized both the practical benefits and the value of collaboration. Peter Stenehjem, CEO of First International Bank & Trust, noted that the pilot builds on the bank’s 2018 acquisition of Kotapay and readiness for emerging technologies. “Our participation in Roughrider Coin allows us to stay at the forefront of innovation, thoughtfully evaluate and manage emerging risks, and gain valuable experience alongside our longtime partners at BND and financial institutions across North Dakota. Roughrider Coin represents an additional payment rail that can support future use cases where blockchain technology delivers meaningful value.”

The pilot was delivered with support from trusted technology partners: Fiserv provided the digital asset platform and banking integration; VersaBank USA supported regulated custody and issuance for fiat‑backed digital assets; and Solana supplied the high‑performance blockchain infrastructure that underpins permissioned operations. Together, these capabilities validated the speed, security, auditability and bank‑grade controls.

For Capital Credit Union, the initiative aligns with member‑focused modernization. “Our members’ expectations continue to evolve, and as a credit union we have to evolve with them,” said Jon Griffin, CEO. “Roughrider Coin gives us an opportunity to explore emerging payment technology in a practical and responsible way while continuing to focus on what matters most, serving our members. What makes this initiative unique is the partnership behind it. BND has invested significant time, resources, and expertise to make this possible for community financial institutions across the state. Their transparent and thoughtful approach has allowed us to better understand the technology and gain confidence as we prepare for the future of payments.”

North Dakota is among the first U.S. states to operationalize a dollar‑backed stablecoin for financial institutions, within a defined governance and compliance framework.

At Gate City Bank, Executive Vice President and CIO Ryan Goellner underscored the importance of a bank‑governed, controlled environment. “We were attracted to the fact that this is a bank‑governed program operating within a controlled network of approved financial institutions rather than an open cryptocurrency environment,” he said. “The program includes defined governance, compliance, screening, approval and oversight processes, and participation is limited to approved institutions and users. As a regulated financial institution, we believe it is important to thoughtfully evaluate innovations that may benefit customers and communities while maintaining strong governance, risk management and regulatory compliance. This pilot allows us to do that in a measured and responsible way.”

Utilization of Roughrider Coin is voluntary, and is available to all of the state’s financial institutions. Expanding access will occur in phases to support onboarding and user experience.

“Theodore Roosevelt once said, ‘The credit belongs to the man who is actually in the arena.’ North Star is proud to have been in the arena alongside BND from the earliest stages of testing Roughrider Coin,” said Bob Herrington, President and CEO. “This successful rollout demonstrates what can happen when community financial institutions embrace innovation together. Roughrider Coin represents an important step toward faster, more efficient payments while preserving the strength and trusted relationships that make North Dakota’s financial institutions unique.”

About BND

BND is the nation’s only state-owned bank. Chartered in 1919, BND supports North Dakota agriculture, commerce and industry and partners with financial institutions and state agencies to provide services that create economic opportunity and stability across the state. The bank is overseen by the Industrial Commission, comprised of Gov. Kelly Armstrong as chairman, Attorney General Drew Wrigley and Agriculture Commissioner Doug Goehring.

For more information, visit bnd.nd.gov/roughrider.