North Dakota Launches Roughrider Stablecoin After Wyoming’s Debut

TLDR

• North Dakota plans to launch Roughrider Coin as a US dollar–backed stablecoin in 2026.
• The Bank of North Dakota is partnering with payments firm Fiserv to develop and operate the stablecoin.
• Roughrider Coin will support interbank transactions, merchant payments, and cross-border transfers across financial institutions.
• This move follows Wyoming’s launch of the Frontier Stable Token, making Roughrider the second state-issued stablecoin in the US this year.
• Governor Kelly Armstrong stated that the stablecoin demonstrates North Dakota’s commitment to creating a secure and efficient financial ecosystem.

North Dakota plans to launch its own stablecoin, named Roughrider Coin, by 2026 in partnership with Fiserv. The token will be backed by the US dollar and used for banking, merchant payments, and international transfers. This move follows Wyoming’s recent launch of the Frontier Stable Token, signaling growing state-level adoption of stablecoins.

Roughrider Coin to Power Digital Payments in North Dakota

The Bank of North Dakota will issue the Roughrider Coin using Fiserv’s digital asset infrastructure. The token aims to streamline interbank transactions, merchant settlements, and global payments. It will be available to banks and credit unions in North Dakota.

Fiserv processed 35 billion transactions in 2022 and launched its stablecoin platform earlier this year. Roughrider Coin will operate within that system and ensure compatibility with other tokens. The bank confirmed that all coins will be pegged to the US dollar.

Governor Kelly Armstrong supported the launch, stating the stablecoin proves North Dakota is building “a secure and efficient financial ecosystem.” Roosevelt, after whom the coin is named, lived in North Dakota and led the Rough Riders in the Spanish-American War. The state intends to use profits to support economic development and reinvest in public programs.

Wyoming’s Frontier Stable Token Launched on Multiple Chains

Wyoming launched its Frontier Stable Token (FRNT) in August, marking the first state-issued stablecoin in 2025. The token went live on seven blockchains and was later confirmed as Hedera‘s official issuer. The coin is fully backed by fiat and operates under the state’s regulatory framework.

FRNT was designed to serve governments, financial institutions, and blockchain developers by enabling secure and programmable money transfers. The stablecoin supports low-cost, near-instant settlements across digital infrastructure. Wyoming views it as a tool for innovation and a means to establish state-level blockchain leadership.

Both Wyoming and North Dakota are investing in infrastructure to support future financial growth and local innovation. Their stablecoins reflect a trend of increasing state involvement in blockchain regulation. Wyoming’s move has already influenced other states to explore similar projects.

US Stablecoin Market Grows Amid Rising Competition

The US stablecoin market is becoming increasingly competitive with the emergence of new entrants, such as those from North Dakota and Wyoming. The GENIUS Act, passed in July, opened the path for regulated state-level token issuance. The law helped reshape the landscape and encouraged broader participation.

Major players like USDT and USDC still dominate by volume, but smaller projects now offer niche solutions. Hyperliquid introduced USDH in September, followed by Cloudflare’s announcement of NET Dollar. These tokens support use cases in derivatives, AI, and autonomous payments.

Austin Ballard of Offchain Labs said the growth means stablecoins are “succeeding in solving problems for businesses and users.” Despite market fragmentation, stablecoins continue to drive the adoption of digital finance.

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