Recently, the government of Tinian in the Northern Mariana Islands overturned Governor Arnold Palacios' veto, allowing the introduction of its stablecoin.
Approval of the New Stablecoin
The Tinian government received approval to manage a new digital currency called the 'Tinian Stable Token', with a 14-2 vote. This decision allows for the licensing of online casinos and places management duties of the token on the treasurer.
Structure and Backing of the Token
The Tinian Stable Token will be backed by cash and treasury bills, officially named the Mariana’s US Dollar (MUSD). The asset’s reserves will be held by the municipal treasury, while transactions will take place on the eCash blockchain platform.
Discussions and Concerns
Some lawmakers, including Governor Palacios, expressed doubts about the ability to confine gambling to Tinian's jurisdiction. Opponents like Representative Marissa Flores pointed out the financial reliance on casinos. Meanwhile, supporters, such as Vin Armani, co-founder of Marianas Rai Corporation, believe this bill will draw investments and tax revenue.
The launch of the Tinian Stable Token could represent a significant step toward economic recovery for the island and the creation of a digital economy independent of tourist reliance.
