Northern Mariana Lawmakers Give Stablecoin Bill Second Chance

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Tinian, a small island in the US Northern Mariana Islands, may get another opportunity to launch a stablecoin after the territory’s Senate overrode the governor’s veto of the stablecoin bill.

On May 9, the Northern Mariana Islands Senate voted 7-1 to override Governor Arnold Palacios’ April 11 veto. The bill allows the Tinian local government to license internet casinos and authorizes the Tinian treasurer to issue and manage a “Tinian Stable Token.”

The bill now moves to the 20-member Northern Mariana Islands House, requiring a two-thirds majority to override the veto and enact it into law.

If swiftly approved, Tinian could become the first US public entity to issue a stablecoin, competing with Wyoming, which plans to issue one by July.