Architectural Concept Design Collection

  • CONTACT
  • MARKETCAP
  • BLOG
Finances Investing and Crypto News
  • BOOKMARKS
  • Finance
  • Investment
  • Crypto
    • Bitcoin
    • Blockchain
    • Ethereum
    • Forex
    • Tether
  • Market
    • Binance
    • Business
    • Investor
    • Money
    • Trading
  • News
    • Mining
    • NFT
    • Stocks
Reading: Northern Mariana Islands passes bill to issue government-backed MUSD stablecoin
Share
  • bitcoinBitcoin(BTC)$104,686.29
  • ethereumEthereum(ETH)$2,531.67
  • tetherTether USDt(USDT)$1.00
  • rippleXRP(XRP)$2.18
  • binancecoinBNB(BNB)$658.44
  • solanaSolana(SOL)$156.61
  • usd-coinUSDC(USDC)$1.00
  • dogecoinDogecoin(DOGE)$0.192646
  • tronTRON(TRX)$0.265730
  • cardanoCardano(ADA)$0.69
Finances Investing and Crypto NewsFinances Investing and Crypto News
0
Font ResizerAa
  • Finance
  • Investment
  • Crypto
  • Market
  • News
Search
  • Finance
  • Investment
  • Crypto
    • Bitcoin
    • Blockchain
    • Ethereum
    • Forex
    • Tether
  • Market
    • Binance
    • Business
    • Investor
    • Money
    • Trading
  • News
    • Mining
    • NFT
    • Stocks
Have an existing account? Sign In
Follow US
© Foxiz News Network. Ruby Design Company. All Rights Reserved.
Finances Investing and Crypto News > Blog > Crypto > Bitcoin > Northern Mariana Islands passes bill to issue government-backed MUSD stablecoin
BitcoinBlockchainCryptoEthereum

Northern Mariana Islands passes bill to issue government-backed MUSD stablecoin

admin
Last updated: 16/05/2025 4:33 Chiều
admin
Published 16/05/2025
Share


The Northern Mariana Islands, a U.S. territory in the Pacific, has passed legislation allowing its island of Tinian to issue a government-backed stablecoin.

On May 15, lawmakers in the Northern Mariana Islands House voted 14-2 to override Governor Arnold Palacios’ earlier veto of the bill.

The House vote followed a May 9 decision by the territory’s Senate, which also overturned the veto with a 7-1 majority. The bill had originally passed unanimously through the Tinian delegation in March and was sent to the governor on March 12.

The legislation authorizes the Municipality of Tinian and Aguiguan to issue a “Tinian Stable Token,” formally called the Marianas US Dollar (MUSD), backed by U.S. dollars and Treasury bills held in reserve by the local treasury.

It also enables Tinian’s local government to issue licenses to internet casinos, tying the stablecoin rollout to a broader economic strategy aimed at revitalising the island’s struggling economy.

The local government has partnered with Marianas Rai Corporation as its exclusive technology provider, with plans to deploy MUSD on the eCash blockchain, a fork of Bitcoin Cash ABC.

Supporters of the bill argue the initiative could bring much-needed revenue to Tinian without placing a financial burden on the government.

Marianas Rai Corp. co-founder Vin Armani told lawmakers that the bill could “attract billions of dollars of investment and tax revenue” from the crypto sector.

Clyde Norita, another executive at the firm, described the effort as a way to revive a “dying” local economy, saying the new digital industry could generate income without affecting the island’s culture, environment, or immigration status.

Among lawmakers, Republican Representative Patrick San Nicolas, a member of the Tinian delegation, supported the bill as a way to break dependence on tourism and federal subsidies.

“We need this legislation to unlock our potential,” he said during floor discussions, framing it as a path to self-sustaining revenue.

Among the critics was Governor Palacios, who vetoed it over what he described as “several legal issues” and a lack of enforcement safeguards, and Independent Representative Marissa Flores, who criticized the bill’s ties to online casinos.

“Every time we’re desperate, it always seems that we come back to casinos,” she said, and warned against making decisions out of fear or economic pressure, before the vote.

If launched ahead of schedule, MUSD could become the first government-backed stablecoin issued by any U.S. public entity, beating out the state of Wyoming, which is working toward a similar goal by July 2025. 

Wyoming passed the Wyoming Stable Token Act in March 2023 and has been developing its own stablecoin backed by cash and government securities. The state’s Stable Token Commission is currently conducting cross-chain tests on platforms like Ethereum, Solana, and Avalanche, ahead of the expected launch window.

However, at the national level, progress on stablecoin regulations has stalled. Two major federal bills, the GENIUS Act and the STABLE Act, have lost Democratic backing due to concerns over former President Donald Trump’s growing involvement in crypto.

You Might Also Like

The hidden bias in financial AI—can blockchain solve it?

Metaplanet shares jump 12% on $104m Bitcoin purchase

Sui Foundation stays neutral; $162m hack plan up for vote

BRETT price jumps 17%, eyes $0.15 as next target

Bitcoin reaches new all-time high above $111K

TAGGED:billgovernmentbackedIslandsissueMarianaMUSDNorthernpassesstablecoin

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Email Copy Link Print
Previous Article Blockchain gaming hits 2025 low as daily users numbers slide
Next Article Here’s what Polymarket thinks about the next cryptocurrency cycle
Leave a Comment

Để lại một bình luận Hủy

Email của bạn sẽ không được hiển thị công khai. Các trường bắt buộc được đánh dấu *

Follow US

Find US on Socials
FacebookLike
- Advertisement -
Ad image
Popular News
$161m floods startups as prices sway
Emergency Funds: Importance and How to Build One
Debt Management: Strategies to Pay Off Debt Efficiently
Riot Platforms unloads 475 BTC in its biggest single-month Bitcoin sale to date
Revolut partners with Lightspark to add Bitcoin Lightning for UK and EEA users
- Advertisement -
Ad image

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Youtube Telegram Linkedin
Finances Investing and Crypto News

FICN.net brings you the latest in finance, investment, and crypto. Stay informed with expert insights, market analysis, and beginner guides. Whether you're new or experienced, FICN.net helps you explore opportunities, manage risks, and make smarter financial decisions in a fast-changing world.

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

Ad image
© 2024 Finance, Investment, and Crypto News. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?