North Dakota Moves Forward With Stablecoin as Local Banks Express Interest in Pilot Project

(Photo by Michael Achterling/North Dakota Monitor)

(North Dakota Monitor) – The Bank of North Dakota is on track to introduce stablecoin to local banks this September after state regulators approved the technology’s use in bank-to-bank transactions on Wednesday.

Ten local banks have expressed interest in participating in the pilot program for the state’s planned Roughrider Coin, Bank of North Dakota CEO Don Morgan said in an interview following the North Dakota Industrial Commission meeting.

“Which is perfect because we want a wide, diverse selection so that we can fully test it out, make sure it’s working and we build a good foundation,” Morgan said.

Stablecoin is a type of cryptocurrency that can facilitate instant money transfers and streamline bank-to-bank transactions, particularly internationally. The state-owned bank’s Roughrider Coin will be available for use by North Dakota banks and credit unions.