On May 9, the Senate of the Northern Mariana Islands voted 7-1 to override Governor Arnold Palacios' veto of a stablecoin bill [Text 1]. The bill, initially vetoed on April 11, aims to allow the Tinian local government to issue licenses to internet casinos and manage a "Tinian Stable Token" [Text 1]. This decision puts Tinian in contention to be the first US public entity to issue a stablecoin, rivaling Wyoming's similar initiative slated for July [Text 1].
The bill now proceeds to the Northern Mariana Islands House, requiring a two-thirds majority to override the veto and enact the law [Text 1]. Republican Senator Karl King-Nabors, representing Tinian, argues the bill provides a more transparent oversight of online gaming [Text 1]. The proposed stablecoin, named Marianas US Dollar (MUSD), will be backed by cash and US Treasury bills, with Marianas Rai Corporation as the infrastructure provider [Text 1].
MUSD is built on the eCash blockchain, a fork of Bitcoin Cash [Text 1]. While some senators express concerns about resource limitations for enforcing the law, others emphasize the need for economic diversification [Text 1]. The bill seeks to amend local laws to permit internet casino licenses and the launch of the US dollar-pegged stablecoin [Text 1].
This article is based on our author's analysis of materials taken from Cointelegraph.