Stablecoin bill gets second reading at CNMI lawmaker

Odaily Planet News: The Senate of the Northern Mariana Islands Special Administrative Region overturned the governor's veto of the stablecoin bill with a 7-1 vote, potentially giving the island a second chance to launch a stablecoin. The bill allows the local government to issue a "Marianas USD (MUSD)" stablecoin backed 1:1 by US dollars. If the 20-member House of Representatives overturns the veto with a two-thirds majority, this small Pacific island with only 2,000 residents could become the first US jurisdiction to issue an official stablecoin, ahead of Wyoming (planned for July). Democratic legislator Celina Babauta opposed the bill, citing "lack of law enforcement resources," but Republican proposer Jude Hofschneider emphasized that blockchain technology can enhance industry transparency. Technical partner Marianas Rai revealed that MUSD will be developed on the eCash chain, with reserves in cash and US Treasury bonds. (Cointelegraph)