North Dakota is set to become the second U.S. state to issue a stablecoin, named ‘Roughrider’, following in the footsteps of Wyoming. The proposed Roughrider stablecoin comes as more institutions and firms move to launch their stablecoin, thanks to the passage of the GENIUS Act.
North Dakota To Launch Roughrider Stablecoin
According to a press release, the Bank of North Dakota will launch the stablecoin in partnership with Fiserv and will be fully backed by U.S. dollars. The state has named the stablecoin ‘Roughrider Coin’ in honor of Theodore Roosevelt and his Rough Riders.
North Dakota plans to utilize the Roughrider stablecoin to enhance bank-to-bank transactions, facilitate global movement, and promote merchant adoption. Meanwhile, the stablecoin will be available to banks and credit unions in the state by next year.
The state will become the second U.S. state after Wyoming to issue a stablecoin. As CoinGape reported, Wyoming launched its Frontier Stable Token (FRNT) in August on seven networks, including Solana and Ethereum. Fiserv didn’t reveal what networks the Roughrider stablecoin may launch on. However, the firm expects that the coin will be interoperable with other coins.
Commenting on this move, North Dakota’s Governor Kelly Armstrong remarked that the state is taking a cutting-edge approach to create a “secure and efficient financial ecosystem” for its citizens, as one of the first states to issue its stablecoin. The governor declared that the “new financial frontier is here” and that they are embracing new ways of moving money with the Roughrider coin.
New Era Of Payments With Stablecoins
Meanwhile, Fiserv COO Takis Georgakopoulos remarked that the market is entering a new era where payments are “instant, interoperable, and borderless. He added that with the Roughrider stablecoin, they are bringing together the “reliability of traditional finance and the innovation of blockchain to deliver faster and smarter digital payments. Fed Governor Chris Waller also recently backed stablecoins as a tool for cheaper global payments.
Stablecoins have gained greater adoption since the U.S. President Donald Trump signed the GENIUS Act, which regulates stablecoins. Don Morgan, Chief Executive Officer of the Bank of North Dakota, noted that the development of the Roughrider stablecoin capitalizes on recent changes in federal law and ensures the “continued health, resilience, and relevancy of the North Dakota financial industry for its citizens.”
In addition to states, more companies and firms are looking to launch their own stablecoins. Notably, Bank of America and Citigroup have already hinted at launching their stablecoins. Meanwhile, crypto platforms such as Hyperliquid and MetaMask have recently launched their native stablecoins.
Source: https://coingape.com/north-dakota-to-issue-roughrider-stablecoin-following-wyomings-footsteps/