The Marshall Islands’ universal basic income programme has attracted crypto-connected backing, with M1X Global raising $3 million to support a digital sovereign bond tied to the initiative.
The funding round included investors linked to the crypto sector, such as former Coinbase CTO Balaji Srinivasan and Cumberland Labs CEO Tama Churchouse.
The capital will be used to expand adoption of USDM1, a US dollar-pegged digital sovereign bond issued on the Stellar blockchain to fund the country’s UBI programme.
M1X Global said it plans to extend the instrument into institutional markets, with co-founder Jordan Goldman stating it could “serve as high-quality collateral.”
The initiative builds on broader global trends in tokenised finance, as governments experiment with digital bonds and blockchain-based financial infrastructure.
However, the International Monetary Fund has warned that the risks of launching USDM1 may outweigh its benefits, citing concerns around infrastructure, regulation, and potential financial instability.
Despite the warnings, the Marshall Islands government said it remains in dialogue with the IMF and continues to develop the programme as part of its digital finance strategy.