Online reports, Cointelegraph reported that Arnold Palacios, Governor of the U.S. Northern Mariana Islands, vetoed a bill that would allow local governments in the U.S. Territory to issue stablecoins. Palacios said in an April 11 letter that the bill has multiple legal issues and may be unconstitutional. The bill would have allowed Tinian Island, with a population of just over 2000, to issue a stablecoin called MUSD (Marianas US Dollar), which would be fully supported by cash held by the Tinian City Government's treasury and U.S. Treasury bonds. Previously, the bill was unanimously passed by the Tinian delegation on March 12. If the bill is passed, the Tinian government will become the first U.S. government entity to issue stablecoins, ahead of Wyoming, which plans to launch stablecoins in July.