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northern mariana islands stablecoin
Key Points:* The Northern Mariana Islands legislature overrode the governor’s veto to launch the MUSD stablecoin.
The legislature’s decision could impact broader digital currency policy and highlights competition with Wyoming for the first U.S. government-backed stablecoin.
Potential U.S. Stablecoin Competition and eCash Details
The Northern Mariana Islands legislature made a significant move on May 16 by overriding the governor’s veto to approve the MUSD stablecoin. Marianas Rai Corporation, based in Tinian, will serve as the exclusive technology partner for this initiative. The stablecoin is fully collateralized, backed 1:1 by U.S. dollars and government bonds, and will be issued on the eCash blockchain.
Economic revitalization strategies tie the MUSD project to internet casino licensing in the NMI. If launched before July, MUSD will become the first local-government issued stablecoin in the United States. This could potentially set a precedent, influencing other jurisdictions to explore government-backed digital currencies.
Reactions have been mixed, with analysts suggesting that the stablecoin could impact future digital currency legislation across the U.S., though challenges remain in technical execution. Technical compliance issues are expected to be scrutinized, with federal oversight likely emerging as a significant factor.
Historical Context, Price Data, and Expert Analysis
Did you know? The MUSD stablecoin aims to position the Northern Mariana Islands as a leader in digital currency innovation in the U.S.
eCash (XEC) is the blockchain platform chosen for MUSD, with its current price at $0.00 and a market cap of $462.69 million as of May 18, according to CoinMarketCap. The trading volume over the past 24 hours was $18.44 million, showing a change of -19.98%. Notably, the price increased by 3.05% in the past 24 hours but fell 5.56% over the week.