Northern Mariana Islands Passes Stablecoin Bill

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The Northern Mariana Islands, a US Pacific territory, has enacted legislation allowing Tinian Island to issue a stablecoin, overturning Governor Arnold Palacios’ April 11 veto.

The House of Representatives passed the bill with a 14-2 vote, following the Senate’s May 9 re-evaluation, which passed 7-1. This legislation enables the Tinian Island government to authorize the Finance Minister to issue, manage, and redeem the stablecoin “Marianas US Dollar” (MUSD).

If launched before July, Tinian Island could become the first US public entity to introduce a stablecoin, ahead of Wyoming’s similar plans.

With a population of just over 2,000, Tinian Island, one of the four municipalities of the Northern Mariana Islands, depends heavily on tourism.