Anchorage Digital, a federally chartered digital asset bank, is reporting that it is now providing custody for USDM1, a US dollar-denominated sovereign debt instrument issued on the blockchain by the Marshal Islands.
The digital asset is said to be collateralized 1:1 by US Treasury instruments.
Anchorage states that institutional clients can “access, hold, and seamlessly integrate a sovereign, Treasury-backed financial instrument into 24/7 margin, collateral, and financing workflows.”
Anchorage notes that USDM1 is not a tokenized or wrapped instrument, instead each unit represents secured sovereign debt issued under New York law.
Nathan McCauley, Co-Founder and CEO at Anchorage Digital called the digital debt a compelling example as how sovereign debt, backed by Treasuries can be issued on-chain.
USDM1 supports the Republic of the Marshall Islands’ Universal Basic Income (UBI) program.
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