Tinian Flips the Script: First U.S. Public USD Stablecoin Launches on eCash—Veto Be Damned
Tinian just pulled a regulatory end-run, launching the first publicly available USD-pegged stablecoin on the eCash network—despite a veto threat hanging over the project. Because nothing says ’financial innovation’ like ignoring the authorities.
Why it matters: This isn’t just another stablecoin. It’s a direct challenge to the status quo, wrapped in the veneer of blockchain progress. The eCash integration suggests they’re targeting speed and low fees—classic selling points when you’re trying to outmaneuver slower traditional systems.
The cynical take: Another ’stable’ asset enters the wild west of crypto, where ’pegged to the dollar’ lasts until the first liquidity crisis. But hey, at least it’s not another memecoin.
Tinian Overrides Governor’s Veto, Approves Marianas USD Stablecoin
On May 9, the territory’s nine-member Senate voted 7-1 to override Governor Arnold Palacios’ veto. Days later, the 20-member House followed with a 14-2 vote, clearing the two-thirds majority needed to push the bill through.
Tinian, a small island in the U.S. territory of the Northern Mariana Islands, is one step closer to launching its own stablecoin.#Stablecoin #Tinianhttps://t.co/U3xVI6Ax82
Governor Palacios vetoed the bill in April, citing legal concerns and a lack of enforcement measures to prevent illegal gambling. In a letter, he warned that the legislation may be unconstitutional and that its scope couldn’t be limited strictly to Tinian.
Supporters of the bill argue the move could bring in much-needed revenue without burdening the government.
“We need this legislation to unlock our potential,” said Republican Representative Patrick San Nicolas, a member of the Tinian delegation. “This bill does not depend on tourists or federal subsidies—it builds a digital industry generating revenue from a licensed jurisdiction.”
The Tinian government has partnered with Marianas Rai Corporation as its exclusive technology provider for the stablecoin infrastructure. The firm’s co-founder, Vin Armani, urged lawmakers to reverse the veto ahead of the vote, claiming the bill could “attract billions of dollars of investment and tax revenue” to the island.
Historic first: The Tinian government in the Northern Marina Islands
will become the first-ever U.S. public entity to issue a USD-backed stablecoin — launching it on the eCash network!
Chosen for its low fees, scalability, and gasless token design, eCash is powering… https://t.co/yUFULOiQlC pic.twitter.com/jSKV2WLoya
However, not everyone agreed. Independent Representative Marissa Flores expressed concern over the bill’s connection to online gambling.
“Every time we talk about casinos, there’s always some kind of bitter pill to swallow,” she said. “It is true, we are in dire need of money, but what I don’t like is when we are desperate… Every time we’re desperate, it always seems that we come back to casinos.”
Despite the criticism, the bill passed and is expected to go into effect before July. Governor Palacios maintained his objections, warning that the measure could be unconstitutional and lack proper safeguards.
Still, with both chambers of the legislature in favor, Tinian now leads the way as the first U.S. public entity to authorize and prepare to issue its own dollar-backed digital currency.
Another State Advances Public Stablecoin Plans Amid Federal Regulatory Gridlock
While Tinian leads with the first U.S. public stablecoin on the eCash Network, another state, Wyoming, is moving steadily with its own state-backed initiative.
On May 12, the Wyoming Stable Token Commission announced a partnership with Inca Digital Federal LLC to strengthen oversight and security for the Wyoming Stable Token (WYST), expected to launch soon.
Wyoming’s first state-issued stablecoin, WYST, will launch with live surveillance tech from Inca Digital.#wyoming #stablecoinhttps://t.co/UR6QTSzID0
WYST will be fully backed by cash, U.S. Treasuries, and repurchase agreements, and is designed to be redeemable 1:1 with the U.S. dollar. The commission is currently testing the token across Ethereum, Solana, and Avalanche networks.
Meanwhile, at the federal level, stablecoin regulation remains stalled. Legislative efforts like the GENIUS Act and the STABLE Act have lost momentum, largely due to political rifts over Donald Trump’s increasing involvement in crypto ventures.
