Odaily Planet Daily News The Senate of the Northern Mariana Islands has overturned the governor's veto of the stablecoin bill with a vote of 7-1, potentially giving the island a second chance to launch a stablecoin. The bill allows local governments to issue a 1:1 dollar-backed stablecoin called 'Marianas USD (MUSD)'. If the 20-member House of Representatives overrides the veto again with a two-thirds majority, this Pacific island with a population of only 2,000 could become the first jurisdiction in the United States to issue an official stablecoin, ahead of Wyoming (which plans to issue coins in July). Democratic legislator Celina Babauta opposed the bill citing 'lack of enforcement resources', but Republican proposer Jude Hofschneider emphasized that blockchain technology can enhance transparency in the industry. Technical partner Marianas Rai Company revealed that MUSD will be developed based on the eCash chain, with reserves consisting of cash and U.S. Treasury bonds. (Cointelegraph)