Solana Enters US Banking with 90 North Dakota Banks Leading the Way
Solana has entered the US banking system, thanks to a partnership between Fiserv and North Dakota's banks. Over 90 institutions will now have access to the Solana blockchain through Commercial Center, Fiserv's online banking system.
The first live use case is Roughrider Coin, an interbank payment token overseen by the Bank of North Dakota (BND). Participating institutions will use the same operational channels as for ACH and wires.
BND describes Roughrider as a permissioned asset on Solana's public blockchain. Each token has one-to-one US dollar backing, minting occurs only after a confirmed transfer from an institution's operating account into a designated 'for benefit of' account.
Fiserv assigns VersaBank responsibility for minting, burning, custody, and reserve management. BND provides governance oversight through Bank of North Dakota's deployment documentation.