USDM1USDM1
USDM1, issued by the Republic of the Marshall Islands and tokenized by M1X Global, is a USD-denominated digital sovereign bond issued natively onchain that the issuer characterizes as a security rather than a conventional stablecoin. Each unit of USDM1 is backed 1:1 by pledged short-duration U.S. Treasury instruments, with collateral look-through to the credit of those pledged Treasuries. The token pays a sovereign coupon to holders. A small liquidity reserve held as U.S. Government money market funds, stablecoins, or other digital assets supports redemption requests. On the Stellar network it has supported quarterly Universal Basic Income disbursements to Marshall Islands citizens. USDM1 is a security issued by the Republic of the Marshall Islands, with M1X Global serving as the technology and operational partner that developed and maintains the infrastructure rather than as issuer. The instrument is structured under New York law in the style of a fully collateralized Brady bond with an explicit waiver of sovereign immunity. It is not registered under the U.S. Securities Act or any U.S. federal or state securities laws. Holders benefit from a perfected first-priority security interest in collateral under the Uniform Commercial Code, including Articles 8 and 9, with Surus serving as trustee and collateral agent. USDM1 is issued directly onchain by the sovereign and is not a wrapped instrument. Supported networks include the Stellar network, used for issuance and UBI disbursement, with demonstrations on the Canton Network for U.S. Treasury financing. It enables near-instant transfer and 24/7 settlement between regulated counterparties and can be posted as repo and derivatives collateral.