The Northern Mariana Islands Senate has voted to overturn the governor’s veto on a stablecoin bill, paving the way for the issuance of a USD-backed stablecoin known as the ‘Marianas USD (MUSD).’ If the 20-member House of Representatives also overturns the veto with a two-thirds majority, this Pacific island could become the first US jurisdiction to issue an official stablecoin, ahead of Wyoming’s upcoming launch in July. Senator Celina Babauta, who opposed the bill citing a lack of enforcement resources, was countered by Republican proponent Jude Hofschneider, who argued that blockchain technology could enhance transparency within the industry. Marianas Rai, the technical partner for the project, detailed that the MUSD will be built on the eCash blockchain with reserves held in cash and US Treasury bonds.