The stablecoin bill revived in Northern Mariana

Tinian and New Opportunities with Stablecoin

Tinian, a small island in the U.S. territory of Northern Mariana Islands, may have a second chance to issue a stablecoin. On May 9, the Northern Mariana Islands Senate voted 7-1 to override Governor Arnold Palacios' veto, opening the door for the local Tinian government to license online casinos and manage the 'Tinian Stable Token.' The bill will need approval from the House of Representatives, and if passed, Tinian could become the first public entity in the U.S. to issue a stablecoin.

Senator Karl King-Nabors, co-author of the bill, stated that this stablecoin helps enhance transparency in gaming control. This is necessary in the context of the economic difficulties caused by the COVID-19 pandemic. At the same time, it provides an opportunity for economic diversification without impacting the environment.

Currently, Tinian plans to issue a USD-based stablecoin, fully backed by cash and U.S. Treasury bonds. Marianas Rai Corporation has been selected to develop the infrastructure and issue this stablecoin.

Tinian's stablecoin, named Marianas US Dollar (MUSD), built on the eCash blockchain. This is a significant move as the U.S. Congress is considering legislation related to stablecoins, amid challenges from the loss of support from the Democratic Party for existing bills.

Overall, Tinian is in a race with Wyoming to become the first entity to issue a stablecoin in the U.S., hoping to overcome challenges and find ways to generate new revenue without requiring complex infrastructure.

Source: https://tintucbitcoin.com/du-luat-stablecoin-hoi-sinh-tai-bac-mariana/

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