Fiserv Unveils Roughrider Coin Stablecoin System with North Dakota Partnership

Payments processor Fiserv has launched its new stablecoin system, dubbed Roughrider Coin, in partnership with VersaBank, Fireblocks, and the Solana blockchain. The system is designed to facilitate more efficient money movement across North Dakota's interbank network.

Fiserv's system allows financial institutions to issue, reserve, custody, and settle stablecoin transactions, and will be available to 90 financial institutions in the state. The company had previously announced plans to launch its own stablecoin, FIUSD, but the status of this project is unclear.

The Roughrider Coin is tied to the US dollar and is designed to be less volatile than other digital assets, such as Bitcoin. The system will enable financial institutions, companies, and online marketplaces to use stablecoins, issue payment cards tied to stablecoins, and automate treasury tasks.

Fiserv's CEO, Takis Georgakopoulos, is facing pressure from activist investor Jana Partners to divest parts of the business, but the company is pushing forward with its digital asset initiatives.