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Gate City Bank is participating in Bank of North Dakota’s Roughrider Coin pilot program to learn more about emerging payment and settlement technology in a controlled environment.
As technology continues to shape the way money moves, Gate City Bank is making a point of staying informed about innovations that could influence the future of banking by participating in the Roughrider Coin pilot.
This initiative, led by Bank of North Dakota, the nation’s only state-owned bank, is focused on improving the speed and efficiency of bank-to-bank transactions.
“Innovation is one of Gate City Bank’s guiding principles, and we’re committed to exploring new ideas and technologies that can create better experiences for the customers and communities we serve,” said Ryan Goellner, Executive Vice President and Chief Information Officer. “Participating in the Roughrider Coin pilot gives us an opportunity to learn firsthand about emerging payment and settlement technologies in a controlled banking environment. We’re also proud to be part of a conversation that positions our state at the forefront of financial innovation.”
Bank of North Dakota launched Roughrider Coin as a U.S. dollar-backed digital asset designed for bank-to-bank settlement among participating financial institutions. Intended for institutional use only at this point, it’s not available to the public.
Unlike cryptocurrency, which uses blockchain technology and has value that can fluctuate significantly, Roughrider Coin is a stablecoin, designed to maintain a stable value because it’s backed by reserve assets.
Gate City Bank was one of only four North Dakota financial institutions to participate in the pilot and explore whether digital settlement technology can help reduce manual processes, improve reconciliation and move funds more quickly.
The initiative is focused on helping financial institutions handle interbank settlements, such as loan participations, advances and payoffs, more efficiently.
“Participating in the Roughrider Coin pilot gives us an opportunity to learn firsthand in a controlled environment rather than waiting on the sidelines,” Goellner said. “As a community bank, we also felt it was important to be involved in an initiative led by trusted North Dakota institutions, including the Bank of North Dakota, to better understand how these technologies may support the future of our industry.”
Gate City Bank’s participation has been intentionally limited and carefully managed. The focus of the pilot is on learning, testing controls and evaluating operational processes before considering any broader use cases.
“As a regulated financial institution, we believe it is important to thoughtfully evaluate innovations that may benefit customers and communities while maintaining strong governance, risk management and regulatory compliance,” Goellner said. “This pilot allows us to do that in a measured and responsible way.”
By participating in the pilot, Gate City Bank is continuing to evaluate innovations that may one day benefit customers and communities while maintaining the strong governance, risk management and regulatory standards customers expect.
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