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The Northern Mariana Islands passed a stablecoin bill, with the House overturning the governor's veto.
According to Deep Tide TechFlow news on May 16, Cointelegraph reported that the Northern Mariana Islands, a U.S. Pacific territory, passed a bill allowing its territory of Tinian to issue stablecoins, successfully overturning the governor's previous veto. The bill was passed in the Senate with a vote of 7-1 and then approved in the House with a vote of 14-2.
According to reports, the stablecoin is named Marianas US Dollar (MUSD), and it will be supported by cash and U.S. Treasury bonds held by the Ministry of Finance of Tian Ning. The Tian Ning government has chosen the local technology service company Marianas Rai Corporation as the exclusive infrastructure provider for MUSD, and the stablecoin will be issued on the eCash blockchain. If the Tian Ning government can issue the stablecoin by July, it will become the first public entity in the United States to issue a stablecoin.