Solana enters US banking with 90 North Dakota banks leading it

North Dakota banks and credit unions now have a dollar settlement route operating on Solana, courtesy of banking technology provider Fiserv, which has officially launched its digital asset platform into production.

In an Oct. 1 announcement, the firm highlighted Roughrider Coin—an interbank payment token regulated by the Bank of North Dakota (BND)—as the platform’s inaugural live application.

Member institutions will connect via Commercial Center, an online banking platform by Fiserv typically used for traditional interbank transactions. According to BND, setup, authorization, and clearing will utilize the identical operational workflows that banks currently apply to ACH and wire transfers, enabling staff to operate within standard, recognizable interfaces.

Fiserv reports that over 90 North Dakota banks and credit unions are taking part. While this number reflects the scale of the initial rollout, the actual financial volume passing through Roughrider remains private.

This production milestone arrives after an initial October 2025 announcement from the Bank of North Dakota and Fiserv outlining a planned rollout for 2026.

Public network, controlled access

Documentation regarding BND’s deployment outlines Roughrider as a permission-based asset built on the public Solana blockchain. Involvement is optional and limited exclusively to financial organizations, with token transactions operating on Solana strictly subject to these institutional governance protocols.

VersaBank USA National Association acts as the issuer for Roughrider, Fiserv manages the underlying tech infrastructure, and BND handles regulatory oversight. Fiserv has designated VersaBank to manage minting, burning, digital custody, and reserve allocations. Furthermore, BND highlights the use of Fireblocks-secured wallets alongside built-in freezing and clawback functions enabled through Solana’s Token-2022 program extensions.

While Fiserv categorizes Roughrider as a stablecoin, current literature from BND defines it as a dollar-backed tokenized deposit.

BND notes that each token maintains a strict one-to-one peg with the US dollar. New tokens are minted only after a validated transfer moves from a participating institution’s operating ledger into a specialized “for benefit of” account.

Once the funds reach the destination institution’s digital wallet, a smart-contract command automatically initiates the token-burning process—an architecture engineered to keep circulating token supplies minimal.

This burning sequence destroys the transferred tokens while the core banking ledger entries remain part of the workflow. BND specifies that daily net settlements occur between the VersaBank custody holdings and a central concentration account managed at BND.

Ultimately, cryptographic token settlement and traditional ledger reconciliation operate as two separate components of the overall framework.

BND envisions the infrastructure supporting corporate treasury movements and loan liquidations, promising 24/7 near-instant clearing alongside reduced costs compared to conventional wire transfers. Although comparative pricing tables are provided in their documentation, the launch materials do not cite specific realized cost reductions or formal performance-testing procedures.

For local community banks, the primary adjustment is simply gaining an extra settlement choice integrated natively into their current operations. The ultimate test will be whether active user numbers and transaction volume demonstrate that these institutions truly adopt the tool for everyday interbank transactions.

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01What is Roughrider Coin?

Roughrider Coin is an interbank payment token overseen by the Bank of North Dakota and issued by VersaBank USA National Association, designed to facilitate dollar settlements on the Solana blockchain.

02How do participating banks access the new Solana settlement route?

Banks and credit unions access it through Fiserv’s Commercial Center online banking system, utilizing the same workflows they already use for ACH and wire transfers.

03Is Roughrider Coin a stablecoin?

Fiserv refers to Roughrider as a stablecoin, whereas BND’s current deployment materials classify it as a dollar-backed token deposit with a 1:1 US dollar backing.

04Are public blockchains used with open access for anyone?

While it runs on Solana’s public blockchain, access is strictly controlled and permissioned exclusively for participating financial institutions.