Stablecoin bill gets second reading at CNMI lawmaker

Odaily Planet Daily News The Senate of the Northern Mariana Islands in the United States voted 7-1 to overturn the governor's veto of the stablecoin bill, and the island may get a second chance to launch a stablecoin. The bill allows local governments to issue the "Marianas USD (MUSD)" stablecoin with a 1:1 US dollar collateral. If the 20-member House of Representatives overturns the veto again with a two-thirds majority, this small Pacific island with a population of only 2,000 may surpass Wyoming (which plans to issue a coin in July) to become the first jurisdiction in the United States to issue an official stablecoin. Democratic Congressman Celina Babauta opposed the bill on the grounds of "lack of law enforcement resources", but Republican proposer Jude Hofschneider emphasized that blockchain technology can improve transparency in the industry. Technical partner Marianas Rai revealed that MUSD will be developed based on the eCash chain, with reserves in cash and US bonds. (Cointelegraph)