According to ChainCatcher, the Senate of the Northern Mariana Islands overturned Governor Arnold Palacios' veto of the (stablecoin bill) with a vote of 7:1. The bill will be submitted to the House of Representatives, which consists of 20 members, for review. If it receives two-thirds majority support, it will be enacted.
The bill allows the government of Tinian Island to issue a stablecoin called 'Marianas USD (MUSD)' that is pegged 1:1 to the US dollar. This stablecoin is backed by cash reserves from the local treasury and US Treasury bonds, and the technology provider Marianas Rai Corporation will build the token system based on the eCash blockchain.