House of Representatives overturns governor's veto, stablecoin bill passes

PANews reported on May 16 that according to Cointelegraph, the Northern Mariana Islands, a Pacific territorial territory of the United States, passed a bill allowing Tining Island to issue stablecoins, overturning Governor Arnold Palacios' April 11 rejection. The bill was passed in the House of Representatives by 14 votes in favor and 2 votes against, and the Senate also reconsidered on May 9 with 7 votes in favor and 1 vote. According to the bill, the Tining Island government can issue, manage and redeem the stablecoin "Marianas US Dollar" (MUSD) to the authorized finance minister. If issued before July, Tining Island may become the first US public entity to issue stablecoins, leading Wyoming, which plans to issue stablecoins.

Tianning Island has a population of only more than 2,000 people and its economy depends on tourism. Its local government is one of the four federal municipalities of the Northern Mariana Islands. The island has selected local technology services company Marianare as the exclusive MUSD infrastructure provider, and the stablecoin will be issued based on the eCash blockchain. A spokesman for Marianare declined to comment, saying only that more details will be released on May 19.