The Northern Mariana Islands, an American territory in the Pacific Ocean, have adopted legislation so that the island of Tinian can hand in a Stablecoin supported by the government.
On 15 May, the laws of the Northern Mariana islands voted 14-2 to ignore the earlier veto of the legislative proposal from the Governor Arnold Palacios.
The House voice followed a decision of May 9 by the Senate of the territory, that too overwilled The Veto with a 7-1 majority. The bill was originally unanimously passed by the Tinian delegation in March and was sent to the Governor on 12 March.
The legislation authorizes the municipality of Tinian and AgituiN to publish a “Tinian stable token”, formally called the Marianas US Dollar (Musd), supported by American dollars and treasury accounts held in reserve by the local treasury.
It also enables the local government of Tinian to issue licenses to internet casinos, which links the Stablecoin roles of a broader economic strategy to a broader economic strategy aimed at revitalizing the wrestling economy of the island.
The local government works together with Marianas Rai Corporation as its exclusive technology supplier, with plans to use Musd on the Ecash Blockchain, a fork of Bitcoin Cash ABC.
Proponents of the bill claim that the initiative could yield much -needed income to Tinian without putting a financial burden for the government.
Co-founder of Marianas Rai Corp. Vin Armani said the legislators that the bill could “attract billions of dollars in investments and tax revenues” from the crypto sector.
Clyde Norita, another director of the company, described the effort as a way to breathe new life into a “dying” local economy, and said that the new digital industry could generate income without influencing the culture, the environment or immigration status of the island.
Among the laws, the Republican representative Patrick San Nicolas, a member of the Tinian delegation, supported the bill as a way to break through dependence on tourism and federal subsidies.
“We need this legislation to unlock our potential,” he said during floor cuments, the framing as a road to self -sufficient income.
Among the critics, Governor Palacios, who had the Veto about what he described as “different legal issues” and a lack of enforcement safety, and independent representative Marissa Flores, who criticized the tires of the bill with online casinos.
“Every time we are desperate, it always seems that we are coming back to casinos,” she said, warned about making decisions for fear or economic pressure before the mood.
If it is launched for the schedule, Musd could be published the first Stablecoin supported by the government by an American public entity, in which the state of Wyoming, which works to a similar goal in July 2025.
Wyoming adopted the Wyoming Stable Token Act in March 2023 and has developed its own Stablecoin that is supported by cash and government effects. The stable token committee of the state is currently performing cross-chain tests on platforms such as Ethereum, Solana and Avalanche, prior to the expected launch window.
However, the progress of the stablecoin regulations have stalled at the national level. Two major federal accounts, the Genius Act and the Stable ACT, have lost democratic support for concerns about the growing involvement of former President Donald Trump at Crypto.
