Stablecoin bill gets second chance for review by Northern Mariana Islands legislators

According to Cointelegraph, the Northern Mariana Islands Senate overturned the governor's veto of the stablecoin bill with a 7-1 vote, giving the island a second chance to launch stablecoins. This bill allows local governments to issue "Marianas USD (MUSD)" stablecoins with 1:1 USD collateral. If the 20 member House of Representatives overturns the veto again with a two-thirds majority, this small Pacific island with a population of only 2000 may become the first jurisdiction in the United States to issue an official stablecoin ahead of Wyoming (which plans to launch in July). Democratic Congressman Celina Babauta opposes the bill on the grounds of "lack of enforcement resources," but Republican proposer Jude Hofschneider emphasizes that blockchain technology can enhance industry transparency. Technical partner Marianas Rai revealed that MUSD will be developed based on the eCash chain, with reserves of cash and US debt.