Roughrider is the pre-launch Bank of North Dakota / Fiserv bank-to-bank pilot stablecoin, planned 1:1 USD-backed by deposits and short U.S. Treasury notes.
Phase
Current launch phase
Target launch
Target drift
Moved 1× · last Sep 13, 2026
Since announcement
Announced Oct 2025
Roughrider Coin is the Bank of North Dakota's dollar-backed token for moving money between the state's banks and credit unions, and it is designed to stay inside that network. On October 1 2026 Fiserv put its digital asset platform into production with Roughrider as the first use case. VersaBank USA issues the token and manages custody and reserves, Fireblocks supplies the infrastructure, and transactions settle on Solana. On October 5 the state bank named Gate City Bank, First International Bank & Trust, Capital Credit Union and North Star Community Credit Union as its first pilot partners. Participation is voluntary, limited to approved institutions, and expands in phases with no end date. The public and merchants cannot hold the coin, so there is no market price or circulating supply for Pharos to track. Pharos therefore keeps it in the pre-launch registry while it runs as a bank-to-bank settlement pilot. The durable constraint is access: the coin circulates only among approved institutions, and no public or merchant route has been announced.
· AI summary · drafted by claude-opus-5-5 · facts as of 2026-10-19
AI policy
Beta phase, targeting 2026 after 1 target move; 10 milestones logged since Oct 2025.
IC unanimously approved bank-to-bank pilot March 25; risk rated low-to-moderate; 10 local banks interested; cost-neutral model; Fiserv contract negotiations still ongoing (not yet signed). Roughrider will be the first white-label deployment on Fiserv's FIUSD platform (Solana); FIUSD itself slipped from end-2025 to July 2026 (Fiserv CEO, June 3 2026), and that July window passed with no go-live announcement and no mention of FIUSD in Fiserv's Q2 2026 results. As of September 13 2026 the Bank of North Dakota's Roughrider page still describes a not-yet-started beta test under a non-binding, zero-cost agreement with total investment to be determined. No source has announced a start, so Pharos widened the September 2026 expectation to the year on September 13 2026. On October 1 2026 Fiserv announced its digital asset platform live with Roughrider Coin as the first financial-institution use case (VersaBank USA issuer and custodian, Fireblocks infrastructure, Solana), and on October 5 Bank of North Dakota named Gate City Bank, First International Bank & Trust, Capital Credit Union and North Star Community Credit Union as pilot partners in a voluntary, permissioned bank-to-bank pilot with no end date; the coin is not available to the public
Bank of North Dakota names four pilot partners for Roughrider Coin
Bank of North Dakota announced a bank-to-bank pilot with Gate City Bank, First International Bank & Trust, Capital Credit Union and North Star Community Credit Union, naming Fiserv, VersaBank USA and Solana as technology partners. Participation is voluntary and limited to approved institutions, access expands in phases, and no end date is set; the coin is not available to the public or merchants.
SourceRoughrider Coin goes live on Fiserv's digital asset platform
Fiserv announced its digital asset platform in production with Roughrider Coin as the first financial-institution use case. VersaBank USA is the issuer, handling minting, burning, custody and reserve management; Fireblocks provides digital asset infrastructure and transactions settle on Solana. More than 90 North Dakota banks and credit unions can access the coin through Fiserv's Commercial Center online banking.
SourceSeptember pilot window passes with no Roughrider start announced
The September 2026 bank-to-bank pilot timing reaffirmed at the March 25 Industrial Commission vote passed without a start announcement: the Bank of North Dakota Roughrider page was last modified February 17 2026 and still describes a not-yet-started beta under a non-binding, zero-cost agreement, the Fiserv contract conclusion was never announced, and the FIUSD platform it depends on has no confirmed go-live.
SourceFiserv CEO confirms FIUSD platform slips to July 2026; Roughrider September pilot still planned
At the Bernstein Strategic Decisions conference, Fiserv's CEO confirmed the FIUSD platform goes live in July 2026 (from an earlier end-2025 target), compressing the runway to Roughrider's September 2026 state-bank pilot.
SourceND Industrial Commission unanimously approves bank-to-bank use case
10 local banks express pilot interest; risk rated 'low to moderate'; project cost-neutral; September 2026 launch reaffirmed; Fiserv contract finalization underway.
SourceND Industrial Commission to review stablecoin pilot at March 25 meeting
Review includes utilization plan, risk assessment, safeguards, and cost projections. September 2026 launch pending approval.
SourceBank of North Dakota announces Roughrider Coin
North Dakota's first stablecoin, targeting bank-to-bank transactions for state banking system.
SourceFiserv launches FIUSD platform on Solana: Roughrider to be first white-label deployment
Source
Bank of North Dakota and Fiserv Partner to Launch Roughrider Coin
North Dakota's first stablecoin: fully USD-backed, built on Fiserv's digital asset platform, targeting bank-to-bank transactions for 2026 launch.
North Dakota Moves Forward With Stablecoin as Local Banks Express Interest
Post-IC-vote deep dive: risk rated low-to-moderate, cost-neutral model, 10 banks interested, Fiserv contract entering finalization.
The Bank of North Dakota has always been an innovator, and today we announced a partnership with Fiserv to develop ND’s own stablecoin, the Roughrider coin. This digital asset, backed by the U.S. dollar, will improve efficiency and quality control in the banking sector, a direct Show more
