Solana launches dollar settlement route with 90 North Dakota banks

North Dakota's banks and credit unions are set to utilize Solana for dollar settlements as Fiserv launches its digital asset platform. Announced on Oct. 1, Roughrider Coin, an interbank payment token managed by the Bank of North Dakota (BND), is the platform's first live use case. Over 90 banks and credit unions are participating, although the amount of money moving through Roughrider remains undisclosed. The system allows banks to initiate, approve, and settle transactions through familiar operational channels used for ACH and wire transfers. Roughrider is described as a permissioned asset on Solana's public blockchain, with participation limited to financial institutions. The token is backed one-to-one by US dollars, with minting occurring only after confirmed transfers into designated accounts. Upon receipt, tokens are automatically burned to maintain low balances. The system aims to facilitate treasury transfers and loan payoffs with near-instant settlements and lower costs than traditional wire transfers. The effectiveness of this new settlement option will depend on its adoption by participating institutions.