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Northern Mariana Islands Launches First U.S. Government-Backed Stablecoin
Northern Mariana Islands Launches First U.S. Government-Backed Stablecoin
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The Northern Mariana Islands has made history by approving legislation for the island of Tinian to issue the Marianas US Dollar (MUSD), the first U.S. government-backed stablecoin. Pegged 1:1 to the U.S. dollar, MUSD will be fully collateralized by cash and U.S. Treasury bills.
Governor Arnold Palacios initially vetoed the bill due to constitutional concerns, but the House and Senate unanimously overrode the decision. This MOVE not only marks a significant shift in local governance but also positions Tinian as a pioneer in public-sector digital currency adoption.
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