Northern Mariana Islands Senate Votes to Override Governor Veto of Stablecoin Bill

The Northern Mariana Islands Senate has overridden Governor Arnold Palacios’ veto of a stablecoin bill, enabling the Tinian local government to issue licenses to internet casinos and manage a “Tinian Stable Token.”

The veto, issued on April 11, was overridden by a 7-1 vote on May 9. The bill now moves to the 20-member Northern Mariana Islands House, requiring a two-thirds majority to become law.

If the House quickly approves the bill, Tinian could become the first US public entity to issue a stablecoin, potentially outpacing Wyoming, which plans to issue one by July.

Tinian, under the governance of the Municipality of Tinian and Aguiguan, is one of four municipalities in the Commonwealth of the Northern Mariana Islands, a small US territory in the Pacific north of Guam. With just over 2,000 residents, its economy relies heavily on tourism.