Legal framework. USDM1 is structured under New York law as a fully collateralized Brady bond with daily value accrual . Cleary Gottlieb served as issuer's counsel
. Anchorage Digital's blog notes that the bond carries a perfected first-priority security interest and a sovereign immunity waiver, though the detailed legal text is in the offering memorandum not publicly scraped here
.
Interest rate. The interest rate is benchmarked to the 1-month U.S. Treasury rate (H.15) minus a spread of 200 basis points .
Multi-chain availability. USDM1 is available to institutions on Stellar, Ethereum, and Solana blockchains .
December 2025. The Republic of the Marshall Islands launched USDM1 on the Stellar blockchain and completed the world's first on-chain Universal Basic Income (UBI) disbursement — the ENRA program — delivering instant digital transfers to over 33,000 residents across remote island communities . The Stellar Development Foundation served as the endorsing infrastructure partner
. The bond's yield funds this 20-year nationwide UBI program
.
On June 22, 2026, the Republic of the Marshall Islands Ministry of Finance announced a collaboration with Bank of Guam (an FDIC-insured institution) to accept USDM1 deposits and withdrawals via the Lomalo digital wallet, enabling citizens to convert USDM1 into U.S. dollars at participating Bank of Guam branches .
Anchorage Digital (home to America's first federally regulated digital asset bank) serves as a key infrastructure partner for USDM1, providing custody, settlement, and collateral management services that make USDM1 available to institutions . Anchorage Digital's role spans three layers:
Insufficient evidence. The BusinessWire release identifies BitGo Holdings, Inc. as listed on the NYSE under ticker BTGO , but the search budget was exhausted before a direct Forture 500 list for 2026 could be retrieved and verified. No source in the current result set confirms or denies BitGo Holdings' inclusion in the 2026 Fortune 500.