Solana Enters US Banking with Over 90 North Dakota Banks Participating

Solana has made its way into the US banking system with over 90 North Dakota banks and credit unions participating in its platform.

The collaboration between Solana, Fiserv, and the Bank of North Dakota (BND) has led to the launch of Roughrider Coin, a dollar-settled token on the Solana blockchain.

Roughrider is described as a permissioned asset on Solana's public blockchain, with participation being voluntary and restricted to financial institutions. Token transfers are controlled through institutional access controls.

Fiserv operates the platform, while BND provides governance oversight, and VersaBank USA National Association issues Roughrider. 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, and burning retires transferred tokens.

The system is designed for treasury transfers and loan payoff with near-instant settlement around the clock and lower costs than wires. Participating institutions will access Roughrider through Commercial Center, Fiserv's online banking system.