Legislation passed in the Northern Mariana Islands authorizes the issue of a MUSD stablecoin, a crypto asset supported by the government's backing.
Breaking News: Northern Mariana Islands Prepares to Launch Government-Backed Stablecoin
Get ready, folks! The Northern Mariana Islands, a U.S. territory in the Pacific, is about to make history with their plans to release a government-backed stablecoin on the island of Tinian. The House of Representatives successfully overrode a gubernatorial veto on May 16, 2025, paving the way for the Tinian government to issue, manage, and redeem the "Marianas US Dollar" (MUSD) stablecoin.
The MUSD is set to be based on the eCash blockchain with Mariana Ray as the exclusive infrastructure provider. Proponents of the bill argue that this initiative could bring much-needed revenue to Tinian without imposing a financial burden on the government. In fact, Vin Armani, co-founder of Mariana Ray, asserts that the bill could "attract billions of dollars of investment and tax revenue" from the crypto sector.
Meanwhile, Wyoming has also been actively pursuing the issuance of a state-backed stablecoin, but as of yet, they have not yet launched their stablecoin. If the Northern Mariana Islands issue MUSD before Wyoming by July 2025, they could become the first U.S. public entity to take this groundbreaking step!
However, it's important to note that this move doesn't come without its detractors. Governor Palacios vetoed the bill over "several legal issues" and a lack of enforcement safeguards. In addition, Independent Representative Marissa Flores criticized the bill's ties to online casinos, warning against hasty decisions stemming from economic pressure.
As we keep our eyes on this exciting development, stay tuned for updates on the current status of stablecoin legislation and the economic impact it may have. Will Wyoming be left in the dust, or will they manage to catch up? Only time will tell!
- The government-backed stablecoin, Marianas US Dollar (MUSD), slated to launch on Tinian, will be based on the eCash blockchain, employing Mariana Ray as the sole infrastructure provider.
- If implemented before Wyoming, the Northern Mariana Islands could potentially be the first U.S. public entity to issue a state-backed stablecoin.
- Controversy surrounds the proposal, as Governor Palacios vetoed the bill due to several legal issues and a lack of enforcement safeguards.
- In the crypto industry, proponents argue that the MUSD initiative could attract significant investment and tax revenue, with Vin Armani, co-founder of Mariana Ray, estimating potential billions.
- The proposed Tinian stablecoin, MUSD, may have far-reaching effects on the global finance and technology landscape, especially in the decentralized exchange (DEX) sector for Solana, Ethereum, and other crypto tokens.
