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Fiserv, Inc. and the Bank of North Dakota are set to launch Roughrider Coin, the first state-backed stablecoin.



<a href="https://investors.fiserv.com/newsroom/detail/2868/bank-of-north-dakota-and-fiserv-partner-to-launch-roughrider-coin-north-dakotas-first-stablecoin">Announced</a> on Wednesday, the US dollar-backed token will operate on the Fiserv digital asset platform, with a rollout to North Dakota banks and credit unions expected in 2026. The initiative makes North Dakota the first U.S. state to issue its own stablecoin through a private fintech partnership, signaling a notable shift toward state-level digital asset experimentation.



Named in homage to Theodore Roosevelt’s Rough Riders, the Roughrider Coin aims to enhance settlement efficiency across financial institutions, facilitate cross-border payments, and drive merchant adoption.&nbsp;



The Bank of North Dakota, established in 1919 as the country’s only state-owned bank, described the stablecoin as a continuation of its mandate to modernize financial infrastructure while supporting local commerce and industry.



Fiserv’s digital asset platform — introduced earlier this year alongside its FIUSD stablecoin — provides tokenized payment rails designed for interoperability and compliance with existing financial regulations.&nbsp;



Fiserv’s chief operating officer, Takis Georgakopoulos, said the project merges “the reliability of traditional finance and the innovation of blockchain” for faster digital payments. North Dakota Governor Kelly Armstrong emphasized the program’s role in keeping state banks competitive in a “new financial frontier.”



Although Roughrider Coin’s structure mirrors other dollar-backed stablecoins, details on custodial safeguards, audit frequency, and regulatory oversight were not disclosed.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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stablecoin

Bank of North Dakota and Fiserv to launch Roughrider Coin stablecoin

Kate Irwin

This is a segment from The Drop newsletter. To read full editions, <a href="https://blockworks.co/newsletter/the-drop" target="_blank" rel="noreferrer noopener">subscribe</a>.



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Wyoming’s Stable Token Commission is launching its state stablecoin, FRNT, across seven blockchains using LayerZero’s tech. There are plans for it to be yield-bearing.



LayerZero CEO Bryan Pellegrino emphasized in an interview that would be a key differentiator between what could set FRNT apart from other stablecoins.



The “Frontier” stablecoin, which is backed by US dollars and short-term US Treasurys and won’t have a fixed supply, is being deployed on Ethereum, Solana, Base, Arbitrum, Optimism, Polygon and Avalanche.&nbsp;



It’s a first for any US state — and a sign that you can just do things.&nbsp;



It has taken a few years, though: The Wyoming Stable Token Act passed in March 2023, which established the Commission and set all this in motion.



“When I heard that a state was doing this, I was like, okay, like, that’s kind of crazy. Clearly very forward-thinking and innovative,” Pellegrino said.



“Wyoming has done this with their banking regulation around crypto, with all of the DAO structure. They&#8217;ve been really, really progressive on that side,” he added. “They had the vision of like, hey, we have a competitive advantage here that no central issuer has, right?”&nbsp;



Some of the profits from FRNT interest will be paid to the Wyoming School Foundation to fund state-level education (the <a href="https://www.wyoleg.gov/Legislation/2023/SF0127">Stable Token Act</a> states that after operational costs are deducted, some profits will be kept as savings for future expenses).&nbsp;



The Commission says the stablecoin facilitates “secure, transparent, and efficient digital transactions” and is intended for people and businesses around the world. Like all crypto transactions, FRNT transactions in theory let users avoid middlemen payment providers, but users will still have to pay a nominal fee every time.



Besides funding education, the move puts Wyoming on the global stage yet again as a key crypto player — and destination.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Today, Commission Chairman &amp; <a href="https://twitter.com/GovernorGordon?ref_src=twsrc%5Etfw">@GovernorGordon</a> announced the mainnet launch of the Frontier Stable Token (FRNT). This historic move marks Wyoming as the first public entity in the United States to issue a blockchain-based stable token. FRNT is designed to provide secure&#8230;&mdash; Wyoming Stable Token Commission (@wyostable) <a href="https://twitter.com/wyostable/status/1957767185415245891?ref_src=twsrc%5Etfw">August 19, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Pellegrino predicts FRNT will see adoption from emerging markets looking to gain access to the US Dollar and economy.



“Getting exposure to it will become easier and easier as it’s adopted in more places,” he said.



Wyoming Stable Token Commission Executive Director Anthony Apollo explained in a statement that using LayerZero’s tech allows them to adhere to state guidance to take a “multi-chain, technology-neutral” approach.&nbsp;



The stablecoin on Solana will be available on Kraken “in the coming days,” according to a <a href="https://content.govdelivery.com/accounts/WYGOV/bulletins/3ee734a">release</a> from Wyoming Governor Mark Gordon.



FRNT will also be available to spend via a Visa <a href="https://www.rain.xyz/resources/frontier-stable-token-frnt-debuts-rain-issued-card-on-avalanche-for-everyday-stablecoin-spending">card</a> from payments firm Rain.



The governor’s office and the Stable Token Commission are expected to make another announcement when FRNT becomes more publicly available.



Based on a <a href="https://stabletoken.wyo.gov/pages/about-us">timeline</a> from the Stable Token Commission, that may be as soon as next month.



“Everything’s just like a really great bellwether for the industry as a whole,” Pellegrino said. “Just shows the US leaning in in a way that they were not a couple of years ago.”



Updated 8/19/2025 at 3:05 p.m. to reflect future plans about FRNT as a yield-bearing token.



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kraken

Wyoming FRNT stablecoin on Solana to go live on Kraken

David Canellis

This is a segment from the Supply Shock newsletter. To read full editions, <a href="https://blockworks.co/newsletter/supplyshock" target="_blank" rel="noreferrer noopener">subscribe</a>.



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When Johannes Gutenberg built the first movable-type printing press in the mid-15th century, he could hardly have imagined the impact it would have on humankind.



Civilization-style achievements fell like dominos over the next 300 years. People who weren&#8217;t priests learned to read within decades, and within a lifetime, the Protestant Reformation brought <a href="https://www.libertymagazine.org/article/the-protestant-reformation-and-freedom-of-conscience">freedom of conscience</a>, trailed by an explosion in scientific progress half a century later.&nbsp;



When the 1800s came around — 332 years after Gutenberg’s death — the Enlightenment and the scientific revolution had reshaped the world, powered by the printed works of Galileo, Newton, Descartes and others.&nbsp;



Then came public education, decolonization and the subsequent rise of nation-states, some of which are now opening their coffers to bitcoin, including the US.



When Satoshi toppled the first of his own set of dominos, could they have anticipated that only 16 years later, multiple US states would compete for bitcoin bragging rights?



Arizona is now the first state to ensure that any unclaimed bitcoin or cryptocurrency is never sold for cash.&nbsp;



The law includes the establishment of a state-controlled bitcoin reserve fund, which would also custody any other cryptocurrencies handed over to the Arizona revenue department.&nbsp;



Arizona officials are permitted to stake crypto held by the fund and even collect airdrops. But by law, they can’t sell any coins.



“Digital assets aren’t the future — they’re the present,” said House Committee Chair Jeff Weninger in a <a href="https://www.azleg.gov/press/house/57LEG/1R/250507WENINGERHB2749.pdf">release</a>. “This law ensures Arizona doesn’t leave value sitting on the table and puts us in a position to lead the country in how we secure, manage and ultimately benefit from abandoned digital currency.”



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">ARIZONA SIGNS STRATEGIC BITCOIN RESERVE INTO LAW! 🇺🇸 <a href="https://t.co/xQXsm2fEXQ">pic.twitter.com/xQXsm2fEXQ</a>&mdash; Dennis Porter (@Dennis_Porter_) <a href="https://twitter.com/Dennis_Porter_/status/1920270813506290100?ref_src=twsrc%5Etfw">May 8, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Is this cool? For sure. Could it be cooler? Also yes.



The law relates only to property for which the state cannot find or contact the original owner for three years. Think lost property, forgotten bank accounts and now, perhaps, crypto exchange accounts belonging to the deceased.



Arizona’s fund is different from the US government’s strategic bitcoin reserve <a href="https://www.whitehouse.gov/presidential-actions/2025/03/establishment-of-the-strategic-bitcoin-reserve-and-united-states-digital-asset-stockpile/">established</a> by Trump earlier this year, which for now exclusively holds coins seized by criminal forfeiture (although we still don’t know exactly how many).&nbsp;



The Arizona law is more about adding bitcoin and crypto to standard civil asset procedures, with Governor Katie Hobbs <a href="https://blockworks.co/podcast/thebreakdown/ccdd2238-2a1b-11f0-80b0-0fe8e51e0e48">vetoing</a> a separate bill earlier this week that would’ve permitted the state to invest 10% of its public funds into bitcoin.&nbsp;



Weninger explained in an X post that there are other avenues through which Arizona’s fund can acquire bitcoin without taxpayer money.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Hi &#8211; it’s staking any crypto asset that is being held for the consumer as unclaimed property that has emissions. Then that revenue is sent to the treasurer where the bitcoin reserve would be. At that point most revenue would be converted into Bitcoin most likely and held. Actual…&mdash; Jeff Weninger (@JeffWeninger) <a href="https://twitter.com/JeffWeninger/status/1920299302674718980?ref_src=twsrc%5Etfw">May 8, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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It’s all necessary progress that was long overdue. However, both Arizona and Trump’s reserves would be radically improved if they could actually buy bitcoin at will, which at least in the latter’s case, is technically on the table pending budget-neutral strategies.



New Hampshire has already laid claim over those bragging rights, with Governor Kelly Ayotte on Tuesday <a href="https://blockworks.co/news/new-hampshire-crypto-reserve-bitcoin-state-governments">signing into law</a> provisions for the state to invest 5% of all public funds into bitcoin.



The real question is then: Where does this put Bitcoin on its grand unified timeline, if the white paper was the first domino?&nbsp;



Almost two decades in, it’s clear we’re still early. Just look at the printing press.



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state government