The Senate of the Northern Mariana Islands overturned the governor's veto, giving the stablecoin bill a chance for a second review

ChainCatcher news, according to Cointelegraph, the Senate of the Northern Mariana Islands overturned Governor Arnold Palacios's veto of the Stablecoin Act with a vote of 7:1. The bill will be submitted to the House of Representatives, composed of 20 members, for consideration, and if it receives a two-thirds majority support, it will be enacted.

The bill allows the government of Tinian Island to issue the "Marianas USD (MUSD)" stablecoin, which is pegged to the US dollar at a 1:1 ratio. This stablecoin will be backed by cash and US Treasury reserves from the local treasury, and the technology provider Marianas Rai Corporation will build the token system based on the eCash blockchain.