Stablecoin bill passes in Northern Marianas as House overrides veto
The Northern Mariana Islands has passed a bill allowing Tinian to issue a stablecoin, overriding Governor Arnold Palacios' veto. The House voted 14-2 to reverse the veto, which had previously been upheld by the Senate. The bill permits Tinian to license internet casinos and includes provisions for the Tinian treasurer to manage the "Tinian Stable Token," named Marianas US Dollar (MUSD). This stablecoin will be backed by cash and US Treasury bills. Tinian aims to be the first US public entity to issue a stablecoin, ahead of Wyoming's plans. Concerns were raised about potential legal issues and the implications for local culture and economy. Supporters argue it could attract significant investment and revenue, while critics express worries about reliance on gambling.
