Governor Vetoes Stablecoin Bill in Northern Mariana Islands, Stifling Potential for First-Mover Advantage

The Northern Marianas Islands governor has vetoed a bill that would have allowed the local government of Tinian, a small island within the U.S. territory, to launch its own stablecoin pegged to the U.S. dollar. Governor Arnold Palacios cited concerns about legal issues and potential unconstitutionality in his decision. The veto marks a major setback for Tinian’s efforts to utilize a stablecoin as part of its economic strategy, particularly in relation to internet casinos.