North Dakota is set to roll out Roughrider Coin, a stablecoin pegged to the US dollar, in collaboration with Fiserv by 2026.

The Bank of North Dakota, joining the stablecoin sector, plans to launch this cryptocurrency aimed at streamlining interbank transactions as well as merchant and cross-border payments. Its launch was detailed in a recent announcement.

Fiserv reported having processed about 35 billion merchant transactions in 2022, and its digital platform, introduced in June, will host the new coin. The Roughrider Coin intends to integrate smoothly with other stablecoins.

The name ‘Roughrider’ pays homage to Theodore Roosevelt, remembered for leading the Rough Riders in combat during the Spanish-American War and later residing in North Dakota.

Additionally, Governor Kelly Armstrong remarked that a state-backed stablecoin represents North Dakota’s commitment to developing a modern and secure financial environment for its residents.

This issuance marks the second state-issued stablecoin in the US for 2023, following the launch of Wyoming’s Frontier Stable Token (FRNT).

The Competitive Landscape of Stablecoins

As North Dakota and Wyoming introduce their stablecoins, they will face a bustling and diverse stablecoin marketplace, especially since the passing of the GENIUS Act in July. Established assets like USDT and USDC still hold a commanding lead, yet new players are continuously emerging.

Recent players include Hyperliquid, which debuted its USDH stablecoin after achieving significant trading volume recently.

The entrance of multiple stablecoins is viewed by some industry leaders as indicative of the industry’s growth.

“If more teams are looking to launch or utilize stablecoins, it means that stablecoins are succeeding in solving problems for businesses and users,” stated Austin Ballard, partnerships manager at Offchain Labs.