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Marshall Islands Tests Crypto for Universal Basic Income Amid Cash and Banking Challenges

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The Marshall Islands is testing a crypto-based universal basic income as cash and banking systems struggle to serve local needs. Under the Economic and National Resilience Act, some residents received paper checks, while others in Lomalo got USDM1, a token on the Stellar blockchain. Developed by Crossmint, the token is a fully collateralized sovereign bond and allows holders to earn yields. The project supports financial access in a country with limited banking infrastructure and only one correspondent bank. The token initiative is backed by the Stellar Development Fund, which focuses on expanding digital finance in remote regions.
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