Fiserv Launches Dollar-Backed Token on Solana for North Dakota Banks

Fiserv has launched its digital asset platform, dubbed 'Roughrider Coin', which allows over 90 North Dakota banks and credit unions to settle payments with each other using a dollar-backed token on the Solana blockchain.

The token is issued by VersaBank USA National Association and Fiserv runs the platform, while the Bank of North Dakota provides oversight. Each token is backed one-to-one by US dollars and burned automatically when it reaches the receiving bank's wallet.

Fiserv claims that its platform can support other uses such as stablecoin card issuance, cross-border payments, and tokenized deposits.