M1X Completes $5.5M Seed Round Led by Paradigm

ChainCatcher reports that M1X Global, a startup specializing in tokenized sovereign debt, has completed a $5.5 million seed round led by Paradigm, with participation from Breed VC and others. M1X Global previously collaborated with the Republic of the Marshall Islands to help issue USDM1, a tokenized sovereign debt instrument issued natively on a public blockchain. USDM1 is a dollar-denominated asset backed 1:1 by U.S. Treasuries and issued directly by a sovereign nation. Initially launched on Stellar, USDM1 is now also available on Canton and Solana. Jordan Goldman, President and COO of M1X, stated that sovereign debt is one of the world’s largest asset classes, but until USDM1, it had never existed in a natively on-chain form. The company aims to establish USDM1 as on-chain sovereign collateral and expand its use within regulated financial markets. The initial use case for USDM1 is domestic government aid disbursement: citizens of the Marshall Islands can receive funds via the Lomalo wallet, enabling payments to be completed in seconds without relying on traditional correspondent banking networks. M1X also noted that its recent integration with Bank of Guam, an FDIC-insured U.S. bank, further connects USDM1 to regulated banking infrastructure.