Stablecoin Bill Revived by Senate Vote

Northern Mariana Senate Overrides Veto on Stablecoin Bill

• On May 9, the Northern Mariana Islands Senate voted 7–1 to override Governor Arnold Palacios’ veto of the stablecoin bill.
• The bill proposes the creation of the “Marianas US Dollar” (MUSD), a stablecoin backed by cash and U.S. Treasuries.
• If passed by a two-thirds majority in the House, Tinian could issue casino licenses and launch its stablecoin.
• Tinian Senator Karl King-Nabors supports the bill as a way to modernize online gaming and boost revenue.
• Senator Celina Babauta raised concerns about manpower limitations and federal restrictions on enforcement.

The Senate’s override of Governor Palacios’ veto advances the stablecoin bill to the House for final approval, potentially positioning Tinian to issue a government-backed digital currency ahead of other U.S. states like Wyoming.