CoinVoice has learned that, according to Cointelegraph, the Senate of the Northern Mariana Islands overturned Governor Arnold Palacios' veto of the stablecoin bill with a 7-1 vote. The bill will be submitted to the House of Representatives, composed of 20 members, for review, and if it receives a two-thirds majority support, it will be enacted.

The bill allows the government of Tinian 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, with the technical provider Marianas Rai Corporation building the token system based on the eCash blockchain.