Stablecoin Bill Gets Lifeline as Northern Mariana Senate Overturns Veto
Highlights
- Northern Mariana Senate overrides veto of key stablecoin bill.
- The bill allows local internet casino licenses and a Tinian-issued stablecoin.
- Tinian may now beat Wyoming in launching the first government-issued stablecoin in the US.
The stablecoin bill in the Northern Mariana Islands isn’t dead yet. On May 9, the Senate voted 7–1 to override Governor Arnold Palacios’ veto, pushing the legislation to the House for a final vote.
If approved by a two-thirds majority, the bill would allow the island of Tinian to issue casino licenses and launch its fully-backed stablecoin.
Tinian Lawmakers Push the Stablecoin Bill
The stablecoin bill which was introduced in February, proposes the “Marianas US Dollar” (MUSD), which is a token backed by cash and U.S. Treasuries. The Tinian Municipal Treasury would manage its issuance and redemption through the Marianas Rai Corporation.
Governor Palacios blocked the bill in April, citing legal issues and possible overreach. But Tinian Senator Karl King-Nabors defended the move, calling it “a transparent way to modernize online gaming.”
Senator Celina Babauta opposed the override, warning of limited manpower and federal restrictions. She questioned the government’s ability to enforce stablecoin policies and monitor casino activity
Race to Issue First Government-Backed Stablecoin in the US
If the House passes the stablecoin bill, Tinian may beat Wyoming in launching the first government-issued stablecoin in the US. Officials say the digital dollar token will run on the eCash blockchain, a fork of Bitcoin Cash.
Backers argue this move could help Tinian recover from pandemic losses and attract innovation without hurting the environment. “We need new revenue models,” King-Nabors said, and he added, “This is a way forward.”
As U.S. lawmakers debate national crypto regulation and Bitcoin gains more political backing, the Northern Mariana Islands may lead the charge from the edge of the Pacific.
This push by the government has been across other states as well. The State of Missouri recently became a crypto haven with its new rule designed to support assets like Bitcoin, Ethereum, and XRP. That plan could make Missouri a crypto haven and position the state to hold Bitcoin as a strategic reserve. In other news, New Hampshire became the first American state to adopt the Strategic Bitcoin Reserve Bill into law.
- XRP to $9? Analysts Tip ‘XRP Is a Buy’ as Price Targets 200% Surge
- CZ Endorses Hyperliquid Rival Aster DEX, Token Rallies 1,500%
- Tom Lee’s BitMine Adds $84M in ETH as Expert Predicts Ethereum Rally to $5K
- Grayscale’s Crypto Index Fund Sees ‘Solid Start’ as SOL, XRP Institutional Demand Climbs
- Senate Democrats Urge Republicans for ‘True Collaboration’ to Quickly Pass CLARITY Act
- Bitcoin Price Prediction: Analyst Highlights Breakout Patterns as Coinbase CEO Backs Crypto Structure Bill
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
- Shiba Inu (SHIB) Price Prediction: Massive SHIB Burn and 80-Week Cycle Mirroring Past Rallies: Will History Repeat?
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
