Sovereign Debt Goes On-Chain
Stellar, Surus, and M1X present a special edition of The Stable Pulse, recorded live at Stablecon Salon during New York Fintech Week on April 30, 2026.
What happens when a sovereign nation chooses the blockchain over banks?
In March 2026, the Republic of the Marshall Islands became the first nation to issue sovereign debt natively on a public blockchain. USDM1 is a U.S. dollar-denominated sovereign bond, fully collateralized by U.S. treasuries, with on-chain settlement powered by Stellar. It also serves as the distribution mechanism for a universal basic income paid to citizens of the…
The skinny
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