The U.S. Pacific territory of the Northern Mariana Islands has just passed a bill allowing the small island of Tinian to launch a stablecoin, overcoming a veto from Governor Palacios. The 20-member House voted 14-2 to overturn the governor's decision on April 11, allowing Tinian to license online casinos and issue the 'Tinian Stable Token'. The Senate revived the bill on May 9, voting 7-1 to override the veto, requiring two-thirds support from the House.
Initially, a delegation of four members from Tinian supported the bill sent to Governor Palacios on March 12. They wanted Tinian to be the first U.S. entity to issue a stablecoin before Wyoming. The island has more than 2,000 residents, with an economy primarily based on tourism. According to statistics, Tinian issues a stablecoin called Marianas US Dollar (MUSD), backed by cash and U.S. Treasury bonds.
The project chose Marianas Rai Corporation as the exclusive infrastructure provider for MUSD, operating on the eCash blockchain, developed from Bitcoin Cash ABC in 2021. Many opinions were expressed before the vote, including concerns from Marissa Flores about casinos and the difficulties of the economy, while Vin Armani and Clyde Norita from Marianas Rai Corp. called for approval.
Flores expressed concern about dependence on casinos, but representative Patrick San Nicolas argued that the bill is essential to revive the economy and develop the digital industry independent of tourism or federal subsidies.
Source: https://tintucbitcoin.com/du-luat-stablecoin-thong-qua-o-bac-marianas/
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