Interesting that North Dakota is drawing inspiration from Theodore Roosevelt and the Rough Riders, but the real question is: is this actually financial innovation or just a branding exercise?
When they say “Roughrider will never rival USDC or USDT” that’s true - but maybe competition isn’t their goal. Maybe they want to build a captive payment system for state services. Think about it: taxes, fees, licenses - all with their own stablecoin.
What I see: this is an experiment in state sovereignty. If North Dakota can have its own monetary policy - even limited - it means distancing from the Federal Reserve. This is much bigger than a simple stablecoin.
But the big risk: state-issued stablecoins could lead to fragmentation. We have 50 states now - if each builds its own stablecoin, what happens to interoperability? Or could this become a federated stablecoin network?
Wyoming started, North Dakota followed. If this works, we might see 50 different state stablecoins by 2030. Is that decentralization or just chaos?
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