Stablecoin bill gets second chance with Northern Mariana lawmakers

The Senate for the US Pacific territory of the Northern Mariana Islands has overridden a governor’s veto of a stablecoin bill, which will now head for a House vote.

Tinian, a small island in the US territory of the Northern Mariana Islands, could get a second chance at launching a stablecoin after the territory’s Senate voted to override the governor’s earlier veto of its stablecoin bill.

On May 9, the Northern Mariana Islands Senate voted 7-1 to override Governor Arnold Palacios' April 11 veto of the bill, which would allow the Tinian local government to issue licenses to internet casinos and includes a provision for the Tinian treasurer to issue, manage and redeem a “Tinian Stable Token.” 

The bill will now head to the 20-member Northern Mariana Islands House, which will need a two-thirds majority vote to override the veto and pass the bill into law.

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