Tinian’s stablecoin bet: Revenue projections top $200M as legal questions stall rollout

By Bryan Manabat

Projected revenues from Tinian’s stablecoin‑driven internet gaming initiative could top $200 million on its first full year of operation, according to industry research.

However, Marianas Rai Corp. said the CNMI is losing valuable time to capture potential gains due to a protracted legal dispute over the enabling law.

Vin Armani, MRC chief technology officer, said the delay has become a direct barrier to launching a project designed to deliver transformative revenue for both Tinian and the broader CNMI.

Vin Armani

“This has gone on for a long time,” Armani said. “We haven't seen a reason why it should take this long to come up with a statement of facts. It’s going to take around eight months to get this done. That seems long for this process.”

The legal battle centers on Tinian Local Law 24‑03, which authorizes internet gambling on Tinian and the issuance of a digital currency originally called the Tinian stable token, later rebranded as the Marianas U.S. dollar.

The law was disapproved by the late Gov. Arnold I. Palacios based on the attorney general’s legal opinion, but both houses of the CNMI legislature overrode his veto.

CNMI Attorney General Edward Manibusan sought a court injunction to halt enforcement of the law, asking the Superior Court to declare it unconstitutional.

He has named the Tinian Casino Gaming Control Commission, Tinian Municipal Treasurer Maria Barbara Borja and Marianas Rai Corp. as defendants.

Tinian has selected MRC as the exclusive provider of software and services for issuing and redeeming the Marianas U.S. dollar.

Manibusan argued that the law exceeded the Tinian and Aguiguan legislative delegation's authority by regulating activities beyond the second senatorial district.

He further contended that the measure “lacks robust enforcement measures to prevent or thwart illegal gaming activities” and “does not contain any provision providing for fines, license revocations, or other legal sanctions specific to internet gaming, which, by its fluid nature, makes it harder for the government to track and regulate.”

The measure's proponents maintain that the concerns have been addressed and that the law is sound.

Armani said the dispute has dragged on long enough.

“The attorney general believes that local law is unconstitutional. We don't believe that. Obviously, Tinian doesn't believe that. Obviously, the legislature didn't believe that,” he said. “Let’s put it in front of the courts and let them decide.”

A stipulated injunction currently prevents the project from moving forward until the court issues a certified‑question ruling.

Superior Court Associate Judge Kenneth L. Govendo has set a deadline for filing the certified question by the end of February.

Before the legal freeze, MRC commissioned projections from Eilers & Krejcik Gaming, a global gaming research and consulting firm.

The analysis estimated $200 million in tax and fee revenue collections for Tinian in the first year of full internet gaming operation; and  $54 million in business gross revenue tax.

“So very significant, which is one of the reasons why Tinian wanted to go with this,” Armani said, warning that the prolonged legal uncertainty has pushed the project below zero.

“We’re not just building from zero at this point, we’re building from a negative,” he said. “Whenever one of these companies that now want to come in, go and they look and what do they see? All the news that they see is about this problem.”

Armani emphasized that MRC was formed specifically to build and operate the stablecoin and gaming regulatory technology stack. Every team member is a shareholder.

“I call it a dream team… like a SEAL Team Six of development, regulatory, law enforcement, technical, gaming,” he said.

Infrastructure Already in Place

Armani dismissed concerns that the CNMI lacks the infrastructure to support or oversee blockchain‑based stablecoin operations.

“The stable coin requires no infrastructure… it’s on a blockchain,” he said.

As for online gaming, “We don’t need to have the servers here,” he added, citing Curaçao as a global example of a jurisdiction with modest infrastructure but a thriving online gaming regulatory industry.

Armani said the path forward is straightforward: resolve the constitutional question and allow the CNMI to either proceed or pivot.

“We’re looking forward to seeing this filed so we can finally get a legal decision on this and move forward, and hopefully, generate some very good revenue for both Tinian and the CNMI in a time that we really need it,” he said.

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