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 de ...

Cryptocurrency & Digital Economy - Marshall Islands has launched a universal basic income (UBI) program [1] - The UBI program utilizes a new digital wallet called Lomalo [1] - Lomalo is powered by USDM, a stablecoin pegged to the US dollar [1]