The Northern Mariana Islands Senate on May 9 voted 7-1 to override Governor Arnold Palacios’ veto of a stablecoin bill.
The bill, which now heads to the House for a final vote, would allow Tinian to issue its own digital currency, backed by U.S. cash and treasury notes.
If approved, Tinian would become the first place in the United States to launch a government-backed stablecoin.
Earlier this year, the Northern Mariana Islands legislature passed a bill that would create the “Marianas US Dollar” (MUSD), a token to be issued and managed by the Tinian Municipal Treasury, with issuance and redemption handled by the Marianas Rai Corporation.
The bill, which was approved in February, is part of Tinian’s plan to diversify its revenue streams and recover from the COVID-19 pandemic. It would also allow the island to collect taxes more efficiently from online gambling platforms, a major industry in Tinian.
Governor Arnold Palacios blocked the bill in April, raising concerns about potential legal overreach and the administrative burden on a small government.
However, the Senate voted to reauthorize the bill, with Senator Karl King-Nab
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