The Northern Mariana Islands passed a stablecoin bill and will compete with Wyoming for the first government stablecoin

According to Financefeeds, the Northern Mariana Islands Legislature overwhelmingly overturned the governor's veto on May 16th, officially approving the issuance of a government-backed stablecoin called "Marianas Dollar" (MUSD). The bill stipulates that MUSD will be fully backed 1:1 by government-held US dollars and government bonds, and will be issued on the eCash blockchain. Marianas Rai Corporation from Tinian Island has been designated as the exclusive technical partner. Local government stated that this is not only a financial innovation but also part of an economic revitalization strategy, with the related bill including measures such as issuing internet casino licenses. Meanwhile, Wyoming has also passed a similar bill to prepare for issuing the "Wyoming Stablecoin". Analysts pointed out that if MUSD can be launched before July, it will become the first stablecoin issued by a local government in the United States, and its market performance will provide important reference for subsequent policies. Experts believe that the competition between these two regions may influence the US digital currency legislation process, but technical implementation and compliant operation still face challenges. The federal government's attitude towards such local stablecoin projects will become a key focus of subsequent attention.