From Cointelegraph
April 15, 2025 01:57 AM:

Governor of Northern Mariana Islands Arnold Palacios vetoed legislation allowing the territory’s local government to launch a US dollar-backed stablecoin due to legal concerns and potential unconstitutionality. The bill aimed to regulate internet casinos, including issuing a “Tinian Stable Token” on the island of Tinian with just over 2,000 residents.

Tinian’s government missed the opportunity to become the first US entity to issue a stablecoin ahead of Wyoming. The proposed Marianas US Dollar (MUSD) stablecoin would have been fully backed by cash and US Treasury bills, managed by the Tinian Municipal Treasury. The token was to launch on the eCash blockchain, coinciding with Google’s internet connectivity plan.

The bill, championed by Senator Jude Hofschneider, passed unanimously in the Marianas legislature but faced criticism from Palacios for lacking enforcement measures against illegal gaming activities. The stablecoin project, supported by tech firm Marianas Rai Corporation, aimed to bolster Tinian’s tourism-based economy through digital asset innovation.

Read more at Cointelegraph: Northern Marianas vetoes bill for Tinian to launch its own USD stablecoin