📊 A municipal stablecoin? Tinian may surpass the US Congress
The Senate of the Northern Mariana Islands (a US territory) overrode the governor's veto and approved a bill to launch the MUSD stablecoin — now the decision is in the hands of the House of Representatives. If approved, Tinian will become the first region in the US to issue its own government-backed stablecoin.
➡️ Key points of the bill:
🟡 The MUSD will be fully backed by US dollars and government bonds
🟡 The issuance will be managed by the local treasury on the eCash blockchain
🟡 The stablecoin will also be used in newly launched online casinos to ensure transparent on-chain payments
➡️ Context:
🟡 The island's economy heavily depends on tourism — authorities are seeking digital tools for diversification
🟡 The project is being driven by local Republicans
🟡 With federal bills like STABLE and GENIUS stalled (partly due to criticism of Trump's ties to crypto), regions are taking initiative on their own
If the House approves, this could set a precedent: a municipal stablecoin launched before federal regulation. With the advancement of tokenization and Web3 payments, Tinian's case may have broad implications for the entire sector.
