Legislative Development in Northern Mariana Islands
In a significant legislative development, the Northern Mariana Islands has successfully advanced a bill permitting the island of Tinian to launch its own stablecoin, the Marianas US Dollar (MUSD), following the reversal of Governor Arnold Palacios’ veto. This decision was facilitated by the House of Representatives, which voted 14-2 in favor of the bill, paving the way for the Senate to support it on May 9, where it received a vote of 7-1.
Significance of MUSD
If Tinian’s rollout of MUSD occurs before July, it will become the first governmental entity in the United States to issue a stablecoin, surpassing a similar initiative planned by Wyoming. Tinian, home to over 2,000 residents, has an economy heavily reliant on tourism and operates as one of four autonomous municipal governments within the Commonwealth of the Northern Mariana Islands.
Implementation Plans
As part of the implementation, Tinian has appointed Mariana Ray, a local tech service provider, to handle the infrastructure needed for MUSD, which will be built on the eCash blockchain. Although a representative from Mariana Ray refrained from releasing further information, they indicated that additional announcements would be made on May 19.
