Around 10-05, the Bank of North Dakota (the only state-owned bank in the United States) announced the launch of Roughrider Coin, a dollar-backed interbank payment token for settlements between community banks and credit unions within the state.

Around 10-01, payment technology provider Fiserv (NASDAQ: FISV) announced that its digital asset platform had entered production, with Roughrider Coin as its first live use case; eligible institutions can access it through Fiserv’s existing Commercial Center online banking platform. VersaBank USA, N.A., a U.S. national bank subsidiary of VersaBank, is the issuer and is responsible for minting, burning, custody, and reserve management; Solana provides the permissioned-chain infrastructure. The Bank of North Dakota’s press release named four institutions participating in validation of the use case: Gate City Bank, First International Bank & Trust, Capital Credit Union, and North Star Community Credit Union.

The announcement that the token has launched and entered production does not mean that all of the state’s roughly 90-plus banks and credit unions have access: the press release states that access will be expanded in phases. The Bank of North Dakota confirmed to local media that the number of participating institutions cited in Fiserv’s press release does not mean they have all gone live. The token is intended for interbank payments between regulated financial institutions; this does not mean it is available for sale to the public or merchants, or that it can be traded on public markets.

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