Tinian, a small island in the US territory of the Northern Mariana Islands, is on the brink of 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 go to the 20-member Northern Mariana Islands House for a two-thirds majority vote to override the veto and pass the bill into law. Tinian is competing with the state of Wyoming to become the first US public entity to issue a stablecoin. Tinian, governed by the Municipality of Tinian and Aguiguan, is one of four municipalities in the Commonwealth of the Northern Mariana Islands. The island’s economy heavily relies on tourism. Despite “deep concerns,” Senators are pushing the bill forward for economic diversification measures amid the pandemic-induced economic slump. The bill aims to regulate online gaming through a stablecoin that offers transparency. The stablecoin, Marianas US Dollar (MUSD), will be backed by cash and US Treasury bills, managed by the Tinian Municipal Treasury. The bill aligns with the island’s efforts to diversify its economy. In the US, stablecoin regulations are in the spotlight, with bills like the GENIUS Act and the STABLE Act facing challenges in Congress. Marianas Rai Corp., the exclusive infrastructure provider for MUSD, is in discussions with potential partners to launch the stablecoin. The race is on for Tinian to become a pioneer in issuing a fully-backed stablecoin.