According to ChainCatcher, the Senate of the Northern Mariana Islands overturned Governor Arnold Palacios' veto of the stablecoin bill with a vote of 7:1. The bill will be submitted to the House for consideration, which consists of 20 members, and if it gains a two-thirds majority support, it will be enacted.
The bill allows the government of Tinian Island to issue the 'Marianas USD (MUSD)' stablecoin, which is pegged 1:1 to the US dollar. This stablecoin is backed by cash reserves from the local treasury and U.S. Treasury bonds, and the technical provider Marianas Rai Corporation will build the token system based on the eCash blockchain.