Solana
North Dakota Financial Institutions Adopt Solana-Based Settlement Platform via Fiserv
Over 90 regional banks and credit unions in North Dakota began settling transactions on the Solana network using Fiserv's platform and a new dollar-backed stablecoin.
More than 90 banks and credit unions across North Dakota began transferring funds over the Solana network on October 1, moving inter-institution transactions from traditional overnight batch processing to settlements completed in approximately 400 milliseconds, according to Solana Compass.
The deployment relies on Fiserv's digital asset platform, which launched to bank clients with the Roughrider Coin, a dollar-pegged stablecoin developed with the Bank of North Dakota. VersaBank issues the token, Fireblocks provides the tokenisation technology, and operations are managed through existing Fiserv corporate banking systems available continuously.
The institutional adoption coincides with broader activity milestones on the blockchain. Cryptonews, citing data from Tokens on Solana, reported that tokenised equities trading volume on Solana reached $4.35 billion in September, up 24% from the previous monthly record and more than triple August levels. Additionally, US spot Solana ETFs held roughly $1.91 billion in assets under management according to SoSoValue. Spot SOL traded between $115 and $122 as of early October, sitting above its 50-day moving average near $104 and its 200-day moving average near $97.
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