Stablecoin bill gets second chance with Northern Mariana lawmakers
The Northern Mariana Islands Senate voted 7-1 to override Governor Arnold Palacios' veto of a stablecoin bill, allowing Tinian to issue licenses for internet casinos and create a “Tinian Stable Token.” The bill now requires a two-thirds majority in the House to become law. If passed, Tinian could be the first US public entity to issue a stablecoin, competing with Wyoming. Governor Palacios vetoed the bill citing legal concerns, while Senator Celina Babauta expressed worries about enforcement and resource limitations. In contrast, Senator Karl King-Nabors argued the bill promotes economic diversification and transparency in online gaming. The stablecoin, named Marianas US Dollar (MUSD), will be backed by cash and US Treasury bills, with Marianas Rai Corporation providing the necessary infrastructure.
