Paradigm backs M1X Global's sovereign blockchain bond

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Paradigm led a reported seed round in M1X Global, the company that issued USDM1, the first USD-denominated sovereign bond issued natively on blockchain in partnership with the Republic of the Marshall Islands. USDM1 is fully collateralized 1:1 by short-duration US Treasuries and uses security interests governed by New York law. M1X operates via a public-private partnership with the RMI and aims to issue programmable bonds, with use cases like universal basic income disbursements. The raise follows a prior $3 million oversubscribed angel round and aims to scale institutional adoption amid competing tokenization efforts by large asset managers.

A sovereign bond, USDM1, is issued natively on blockchain.