The Bank of North Dakota is entering the Stablecoin market with the Roughrider Coin, a US dollar -back cryptocurrency dollar developed in collaboration with the fiserv firm.
According to a Wednesday announcementThe token will be used at Banks and Credit Union in North Dakota in 2026 and designed to support interbank transactions, merchants’ payment, and cross-border money movement.
Fiers Reportedy processed approximately 35 billion transactions to trader in 2022. Its digital asset platform is introduced to June next to a “white-label” stablecoin for banks. The roughrider coin will operate on this system and the fiserv expects it to be interconnected with other stablecoins.
The coin was named Theodore Roosevelt, who served as the US president from 1901 to 1909. In the late 1800s, Roosevelt led a unit called Rough Riders who fought in Cuba against the Spanish army. He arranged in North Dakota after retiring from politics.
https://www.youtube.com/watch?v=ry9MI57PBJS
The Bank of North Dakota was established in 1919 and the state-owned bank bank, according to its website. With just over $ 10 billion in property, partners at local banks and credit unions to support agriculture, commercial and industry through liquidity, loan participation and secondary services in the market, with revenue re -proven to state programs and economic development.
North Dakota Governor Kelly Armstrong said the release of a stablecoin “supported by real money” shows the state that “the acquisition of a cutting approach to creating a safe and efficient financial ecosystem for our citizens.”
Roughrider’s token is the second -released state stablecoin announced in the US this year, subsequently Wyoming border is a stable token (FRNT) Mainnet launched in August to seven blockchain before confirming Hedera as it gave in September.
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The competitive stablecoin landscape
When Wyoming and North Dakota bring their stablecoins online, they enter a market that is more tight than ever. Because the The Genius Act was passed in JulyThe US Stablecoin landscape has become more fragmented and competitive.
While establishing those who gave such as USDT (USDT) and USDC (USDC) Still dominant by market capitalizationA new wave of those who enter is reshaping the market.
On September 24th, Crypto derivatives platform Hyperliquid launched the native Stablecoin USDHIssued by native markets. The dollar-poketed token will surround the inside of the Hyperliquid network, processed more than just $ 330 billion in trading volume in July.
One day later, CloudFlare announced plans for net dollars.
As the list of stablecoins grows, some industry leaders view the competition advancing as a sign of healthy maturation rather than chaos.
“If more teams are looking to launch or use Stablecoins, it means that Stablecoins succeeds in solving problems for businesses and users,” Austin Ballard, Manager of Partner in the Offchain Labs, told Cointelegraph. “In the long run, it will be a net benefit.”
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