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The Northern Mariana Islands will compete with Wyoming to launch a government-backed stablecoin through a stablecoin bill

ChainCatcher news reports that the Northern Mariana Islands legislature overwhelmingly overturned the governor's veto on May 16, officially approving the issuance of the government-backed stablecoin "Mariana Dollar" (MUSD). The bill stipulates that MUSD will be fully backed 1:1 by U.S. dollars and government bonds held by the government, and will be issued on the eCash blockchain.Marianas Rai Corporation, a technology company from Tinian, has been designated as the exclusive technology partner. The local government stated that this is not only a financial innovation but also part of an economic revitalization strategy, with accompanying measures in the bill including the issuance of internet casino licenses.Meanwhile, Wyoming has also passed a similar bill to prepare for the issuance of the "Wyoming Stable Token." Analysts point out that if MUSD can be launched before July, it will become the first stablecoin issued by a local government in the United States, and its market performance will provide important references for subsequent policies.Experts believe that the competition between these two regions may influence the legislative process for digital currencies in the United States, but technical implementation and compliance operations still face challenges. The federal government's attitude towards such local stablecoin projects will become a focal point of future attention.

The GENIUS Act amendment prohibits non-financial listed companies from issuing stablecoins and restricts the financial expansion of large technology companies

ChainCatcher news, according to crypto journalist Eleanor Terrett, the latest bipartisan amendment draft of the GENIUS Act received by the U.S. Senate strengthens key regulatory measures, explicitly prohibiting stablecoin issuers from falsely claiming FDIC insurance or backing by the U.S. government, and banning the use of terms like "America" or "U.S. government" in stablecoin names to avoid consumer confusion.Most importantly, the amendment includes restrictions on tech giants, explicitly prohibiting non-financial public companies such as Meta, Amazon, Google, and Microsoft from issuing stablecoins unless they meet strict standards for financial risk, consumer data privacy, and fair business practices. This aligns with Trump's "America First" vision, aiming to separate banking from the monopolistic tendencies of Silicon Valley tech firms.The amendment also strengthens enforcement mechanisms, allowing the Treasury to suspend the registration of issuers in cases of reckless or willful violations, and expands the ethical standards applicable to special government employees (including Elon Musk) to ensure consistent application of financial conflict of interest standards. In short, these adjustments limit the financial expansion of large tech companies but add more cumbersome procedures.
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