Politics

The Bank of North Dakota is on track to launch the state’s first stablecoin next September, pending a review by state officials later this month.

The state-owned bank announced in October it is developing a stablecoin, branded as the Roughrider Coin, for use in North Dakota’s banking system. Executives hope the digital currency, which will be tied to the value of the U.S. dollar, will streamline financial transactions between banks.

The Bank of North Dakota will present an analysis to the North Dakota Industrial Commission, which has oversight of the bank and has to approve the stablecoin initiative, at the board’s March 25 meeting. Kelvin Hullet, one of the bank’s executives, said part of the presentation will be made during the public portion of the meeting, while some of the discussion is expected to be in a closed-door executive session.

The analysis will include how the Roughrider Coin will be utilized in the state’s banking system, a risk assessment and the necessary safeguards, as well as cost projections for the initiative.