Marshall Islands launches world’s first blockchain-based UBI on Stellar blockchain

• The Marshall Islands has launched the first on-chain universal basic income disbursement using a digitally native bond on the Stellar blockchain.
• The initiative, part of the ENRA program, replaces physical cash deliveries with digital transfers to citizens across dispersed islands.
• USDM1, a U.S. dollar-denominated bond, is fully backed by U.S. Treasury bills and distributed via a custom digital wallet app.

The Republic of the Marshall Islands (RMI) has completed the world’s first on-chain disbursement of universal basic income (UBI) using a digitally native sovereign bond, USDM1, via the Stellar blockchain.

Developed in partnership with the Stellar Development Foundation (SDF) and infrastructure provider Crossmint, the multimillion-dollar initiative is part of RMI’s national UBI program, known locally as ENRA, the Marshalls Islands’ Finance Ministry confirmed. The program replaces quarterly physical cash deliveries with direct digital transfers to eligible citizens, many of whom live across widely dispersed islands.

USDM1 is a U.S. dollar-denominated sovereign bond fully backed by short-term U.S. Treasury bills. The bond is distributed through the Stellar Disbursement Platform into a custom-built digital wallet app called Lomalo. Developed by Crossmint, Lomalo allows recipients to receive funds instantly via Crossmint wallets on the Stellar network.

In an exclusive statement to CoinDesk, a Finance Ministry spokesperson said, “USDM1 is issued under New York law using a time-tested Brady-bond structure that has underpinned sovereign finance for decades. Its foundation is not regulatory discretion or policy preference, but settled law.”

“U.S. Treasury collateral is held by an independent trustee, outside the control of any government or private issuer, and redemption rights are fixed, unconditional, and legally enforceable,” the spokesperson added.

SDF CEO Denelle Dixon said the program exemplifies “what adoption looks like for blockchain technology,” enabling everyday financial access where it was previously lacking.

The government emphasized that USDM1 does not compromise the country’s monetary or technological sovereignty. “ENRA is a fiscal distribution program, not a currency initiative,” the spokesperson said. “Every unit is issued one-to-one against short-dated U.S. Treasuries held in trust, fully backed and legally segregated at all times.”

The rollout, years in the making, was shaped by the Marshall Islands’ geography and infrastructure constraints. “Distance, dispersion, and limited physical infrastructure shape the realities of daily life,” the spokesperson said. “This was purpose built for the Marshall Islands.”

A white paper released alongside the initiative outlines the broader policy and financial framework for USDM1.

• As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
• GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
• Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.

• Exodus is launching a fully reserved, USD-backed stablecoin with MoonPay to power self-custodial payments in its crypto wallet app.
• The stablecoin will support Exodus Pay, a new feature enabling users to spend and send digital dollars without relying on centralized exchanges.
• With the launch, Exodus joins a short list of public companies, including PayPal and Circle, backing stablecoin products.

Disclosure & Polices: CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services. Bullish owns and invests in digital asset businesses and digital assets and CoinDesk employees, including journalists, may receive Bullish equity-based compensation.