North Dakota's Bank to Review Stablecoin Launch Plans

The state-owned Bank of North Dakota will present an analysis of its planned Roughrider Coin stablecoin to state officials this month.

Published on Mar. 9, 2026

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The Bank of North Dakota is developing a stablecoin called the Roughrider Coin that it plans to launch in September, pending approval from the state's Industrial Commission. The bank will present an analysis of the stablecoin's use, risks, and costs to the commission at its March 25 meeting. If approved, the bank will pilot the digital currency with local financial institutions.

Why it matters

The Roughrider Coin would be the first stablecoin issued by a U.S. state-owned bank, representing an innovative approach to financial technology. However, some experts like the president of the Federal Reserve Bank of Minneapolis remain skeptical about the need for stablecoins beyond existing money transfer apps.

The details

The Bank of North Dakota announced plans to develop the Roughrider Coin stablecoin in October 2025. The digital currency will be tied to the U.S. dollar and aimed at streamlining financial transactions between banks in the state. The bank will present its analysis of the stablecoin's use, risks, and costs to the North Dakota Industrial Commission, which oversees the bank, at the board's March 25 meeting. If approved, the bank plans to launch a pilot program with local financial institutions in September 2026.

  • The Bank of North Dakota announced plans to develop the Roughrider Coin stablecoin in October 2025.
  • The bank will present its analysis to the North Dakota Industrial Commission on March 25, 2026.
  • If approved, the bank plans to launch a pilot program with local financial institutions in September 2026.

The players

Bank of North Dakota

A state-owned bank that is developing the Roughrider Coin stablecoin.

North Dakota Industrial Commission

The oversight board for the Bank of North Dakota that must approve the stablecoin initiative.

Kelvin Hullet

An executive at the Bank of North Dakota who will present the stablecoin analysis to the Industrial Commission.

Don Morgan

The CEO of the Bank of North Dakota who said the Roughrider Coin is the bank's first foray into financial technology.

Neel Kashkari

The president and CEO of the Federal Reserve Bank of Minneapolis who expressed skepticism about the need for stablecoins.

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What they’re saying

“We continue to watch this space for opportunities. We're measuring them through, what is the risk profile? Does it fit our mission?”

— Don Morgan, CEO, Bank of North Dakota (North Dakota Monitor)

“So what they're really saying is, if everybody in the world uses the same currency or the same payment platform, all these frictions go away. But all the other countries are not going to abandon their own monetary policy.”

— Neel Kashkari, President and CEO, Federal Reserve Bank of Minneapolis (North Dakota Monitor)

What’s next

The North Dakota Industrial Commission will vote on whether to approve the Bank of North Dakota's stablecoin initiative after reviewing the bank's analysis at the March 25 meeting. If approved, the bank plans to launch a pilot program with local financial institutions in September 2026.

The takeaway

The Bank of North Dakota's planned Roughrider Coin stablecoin represents an innovative approach to financial technology at the state level, but its success will depend on approval from state regulators and overcoming skepticism from some experts about the need for stablecoins beyond existing money transfer apps.