Northern Mariana Islands House overturns governor's veto, stablecoin bill passed

According to Cointelegraph, the Northern Mariana Islands, a Pacific territory of the United States, has passed a bill allowing its subsidiary, Tinian Island, to issue stablecoins, overturning Governor Arnold Palacios' veto on April 11th. The bill was passed by the House of Representatives with 14 votes in favor and 2 votes against, and was previously reconsidered by the Senate on May 9th with 7 votes in favor and 1 vote against. According to the bill, the government of Tinian Island may issue, manage, and redeem the stablecoin "Marianas US Dollar" (MUSD) to the authorized Minister of Finance. If issued before July, Tinian Island may become the first US public entity to issue stablecoins, ahead of Wyoming, which is also planning to issue stablecoins. The population of Tinian Island is only over 2000 people, and its economy relies on tourism. Its local government is one of the four municipalities in the Northern Mariana Islands Federation. The island has selected local technology service company Mariana Ray as the exclusive infrastructure provider for MUSD, and the stablecoin will be issued based on the eCash blockchain. A spokesperson for Mariana Ray declined to comment, stating only that more details will be announced on May 19th.