A small island in the Northern Mariana Islands, Tinian, is attempting to launch its own stablecoin. This is despite Governor Arnold Palacios' initial veto due to concerns over legal issues.
The Tinian Senate overrode the veto with a 7-1 vote, and now the bill moves to the Northern Mariana Islands House. If passed, Tinian might become the first US public entity to issue a stablecoin.
This stablecoin initiative is a bid for economic diversification, crucial for Tinian's economy that leans heavily on tourism. A vote from the House is eagerly awaited.