Fiserv Launches Digital Asset Platform, First State-Backed Stablecoin in the U.S.

Key Points of This Article

• Issued by VersaBank, transactions processed on Solana
• Over 90 banks and credit unions in the state utilizing existing corporate interface

Fiserv's Digital Asset Platform Goes Live

On the 1st, U.S. payment and financial technology giant Fiserv announced that its digital asset platform has gone live for financial institution customers. The first practical application is the U.S. dollar-backed stablecoin "Roughrider Coin" launched by the state-owned Bank of North Dakota.

The issuer of Roughrider Coin is the North American digital bank VersaBank. Fireblocks provides the digital asset infrastructure and tokenization technology, with transactions processed on the Solana (SOL) blockchain.

Sunil Sakdev, who leads the embedded finance and digital asset division at Fiserv, stated, "By moving from concept to live operation, we are supporting new efficiencies in banking and payments while maintaining the reliability, security, and regulatory standards that customers expect."

Participating banks and credit unions will utilize Roughrider Coin through Fiserv's commercial online banking platform, "Commercial Center," which is already used by various financial institutions for traditional interbank transfers.

Over 90 Financial Institutions in the State to Utilize Interbank Transfers

The Bank of North Dakota will incorporate Roughrider Coin into the flow of banking and payments in the state using the issuance, reserve management, custody, and settlement functions provided by Fiserv's platform. More than 90 banks and credit unions in the state will be able to conduct interbank transactions more efficiently. This also serves as a foundation for additional uses of digital money.

Don Morgan, CEO of the Bank of North Dakota, commented, "By launching with Fiserv, we are providing our partner community banks and credit unions with a new means to move funds more efficiently within the state's interbank network."

In addition to issuing Roughrider Coin, VersaBank is responsible for minting (new issuance), burning (redemption), custody, and management of reserve assets. All of these are core functions for financial institutions to operate stablecoins within the framework of national regulations. David Taylor, president of VersaBank, stated, "By combining Fiserv's scale with our regulated digital asset capabilities, we provide a reliable foundation for the industry to integrate stablecoins into existing banking and payment systems."

Fiserv's platform is aimed not only at financial institutions but also at businesses, marketplaces, and fintech companies. It supports the issuance of stablecoin-linked cards, international remittances, programmable commercial transactions, and automation of financial operations. It also accommodates tokenized deposits and multi-currency account services, including U.S. dollar accounts for financial institutions worldwide.

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