North Dakota Banks Launch Dollar Settlement on Solana with Roughrider Coin
- Over 90 banks and credit unions in North Dakota are participating in the rollout of Roughrider Coin, a digital asset for interbank payments.
- Roughrider Coin is a permissioned token on the Solana blockchain, overseen by the Bank of North Dakota (BND).
- Each token is backed by one US dollar, with minting occurring only after confirmed transfers from operating accounts.
- The system allows for near-instant settlement and lower costs compared to traditional wire transfers.
- Token transfers will be managed through Fiserv’s Commercial Center, integrating with existing banking workflows.
This initiative marks a significant step in integrating blockchain technology into traditional banking systems, providing an additional settlement option for financial institutions. The BND emphasizes that Roughrider Coin enhances operational efficiency while maintaining compliance through controlled access.
With over $90 million in bank participation, this new digital asset aims to streamline interbank transactions while ensuring each token remains dollar-backed.(Source)
