Milwaukee-based financial technology firm Fiserv announced that its digital asset platform is officially live for institutional clients, with the Bank of North Dakota’s Roughrider Coin serving as the first product to operate on the network. The dollar-backed stablecoin settles on the Solana blockchain and provides a new mechanism for interbank money transfers.
More than 90 banks and credit unions across North Dakota can now access the stablecoin through Fiserv's Commercial Center, a commercial online banking system already utilized for traditional interbank operations. The Bank of North Dakota utilizes Fiserv's infrastructure—covering issuance, reserves, custody, and settlement—to integrate the coin into state banking workflows.
VersaBank acts as the issuer and handles custody responsibilities, including minting, burning, and reserve asset management. Meanwhile, Fireblocks provides the digital asset infrastructure and tokenization services, and transactions are processed on Solana.
Sunil Sachdev, Fiserv’s head of embedded finance and digital assets, noted that the platform aims to help clients achieve new efficiencies while maintaining regulatory and security standards. Bank of North Dakota Chief Executive Don Morgan characterized the asset as a novel tool for efficient interbank movement across the state, while VersaBank founder and president David Taylor highlighted the collaboration as a foundation for integrating stablecoins into established financial systems.
Beyond the Roughrider Coin, Fiserv stated that its platform supports additional capabilities, such as stablecoin card issuance, cross-border payments, treasury automation, programmable commerce, tokenized deposits, and global currency account services.
The deployment occurs amid broader regulatory developments regarding how stablecoins are backed and supervised. Recently, the Federal Reserve proposed two rules under the GENIUS Act regarding fully backed reserves and application processes for supervised banks issuing payment stablecoins. Additionally, survey data indicates that consumer familiarity remains a hurdle, though willingness to use stablecoins increases when offered by trusted financial providers with bank-level protections.
