Payments provider Fiserv went live with its digital asset platform designed for financial institution clients.
The Fiserv Digital Asset Platform helps financial institutions, corporates, marketplaces and fintechs enable emerging stablecoin use cases, including stablecoin card issuance, cross-border payments, programmable commerce and treasury automation. The platform also supports tokenized deposits, global currency account services, including U.S. dollar accounts for financial institutions worldwide.
The launch marks a significant milestone in the commercialization of stablecoin-enabled banking and payments.
The platform’s first live use case is Roughrider Coin, Bank of North Dakota’s dollar-backed stablecoin designed to enable more efficient money movement across the state’s interbank network. Transactions are processed on the Solana blockchain.
“The launch of our digital asset platform is an important milestone for Fiserv and the financial institutions we serve,” Sunil Sachdev, head of embedded finance and digital assets at Fiserv, said. “By moving from concept to production with leading institutions, we are helping clients unlock new efficiencies in banking and payments while maintaining the trust, security and regulatory standards they expect.”
Bank of North Dakota is using the Fiserv platform’s issuance, reserve, custody and settlement infrastructure to deploy Roughrider Coin across the state’s banking and payments workflows. The dollar-backed stablecoin gives more than 90 participating banks and credit unions in North Dakota a more efficient way to conduct bank-to-bank transactions.
“Bank of North Dakota proudly works alongside our financial partners to strengthen agriculture, commerce and industry across our state,” Don Morgan, CEO of Bank of North Dakota, said. “Launching Roughrider Coin with Fiserv builds on that legacy by giving our partner community banks and credit unions a new tool to move money more efficiently across North Dakota’s interbank network.”
Participating banks and credit unions will access Roughrider Coin through Commercial Center, Fiserv’s commercial online banking system that financial institution clients rely on today for traditional interbank money movement.
VersaBank issues Roughrider Coin and provides custody services. Its role includes minting, burning, custody and reserve asset management.
“VersaBank is proud to partner with Fiserv to build and operate the first product on its digital asset platform,” David Taylor, founder and president, VersaBank, said. “Pairing Fiserv’s scale with VersaBank’s regulated digital asset capabilities gives the industry a trusted foundation to bring stablecoins into established banking and payment systems.”
Fireblocks is providing secure digital asset infrastructure and tokenization services.