Northern Marianas vetoes bill for Tinian to launch its own USD stablecoin

Northern Mariana Islands Governor Arnold Palacios has vetoed a bill that would have allowed a local government in the US territory to launch its own stablecoin.

Update (April 15, 10:47 am UTC): This article has been updated with comments from Marianas Rai Corp. co-founder Vin Armani.

The governor of the Northern Mariana Islands, a small Pacific US territory just north of Guam, has killed the legislation that would have allowed one of the territory’s local governments to launch a fully backed US dollar-pegged stablecoin.

In an April 11 letter seen by Cointelegraph, Northern Mariana Islands Governor Arnold Palacios said he vetoed the bill as it “presents several legal issues and may be unconstitutional.”

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