TechFlow news, May 16 — According to Cointelegraph, the U.S. Pacific territory of the Northern Mariana Islands passed a bill allowing its Tinian Island to issue a stablecoin, successfully overriding the governor's previous veto. The bill was approved in the Senate by a 7-1 vote and subsequently passed in the House by a 14-2 vote.
The stablecoin, named Marianas US Dollar (MUSD), will be backed by cash and U.S. Treasury securities held by the Tinian Municipal Treasury Department. The Tinian government has selected local technology service provider Marianas Rai Corporation as the exclusive infrastructure provider for MUSD, which will be issued on the eCash blockchain. If the Tinian government can launch the stablecoin by July, it will become the first public entity in the United States to issue a stablecoin.
