Northern Mariana Islands passes bill to issue government-backed MUSD stablecoin

Description

Lawmakers in the Northern Mariana Islands overrode the governor’s veto to pass legislation allowing the island of Tinian to issue a government-backed stablecoin, the MUSD, as part of an economic recovery strategy.

Authors

Rony Roy

Publish date

May 16, 2025

Publisher

Crypto.News

Web archive URL

https://archive.is/XKPRb

Web URL

https://crypto.news/northern-mariana-islands-passes-bill-to-issue-government-backed-musd-stablecoin

Referenced by

Northern Mariana Islands allow its island of Tinian to issue a government-backed stablecoin

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News story

Among lawmakers, Republican Representative Patrick San Nicolas, a member of the Tinian delegation, supported the bill as a way to break dependence on tourism and federal subsidies.

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Quote

The legislation authorizes the Municipality of Tinian and Aguiguan to issue a “Tinian Stable Token,” formally called the Marianas US Dollar (MUSD), backed by U.S. dollars and Treasury bills held in reserve by the local treasury.

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