According to Odaily, the Senate of the Northern Mariana Islands has voted 7-1 to overturn the governor's veto on a stablecoin bill, potentially paving the way for the issuance of a stablecoin backed 1:1 by the U.S. dollar, known as the 'Marianas USD (MUSD).' If the 20-member House of Representatives also overturns the veto with a two-thirds majority, the Pacific island with a population of just 2,000 could become the first U.S. jurisdiction to issue an official stablecoin, ahead of Wyoming, which plans to launch its own in July.
Democratic Senator Celina Babauta opposed the bill, citing a lack of enforcement resources. However, Republican proponent Jude Hofschneider argued that blockchain technology could enhance transparency within the industry. Marianas Rai, the technical partner for the project, disclosed that the MUSD would be developed on the eCash blockchain, with reserves held in cash and U.S. Treasury bonds.
