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 ...

Industry Trend - The Marshall Islands is launching a universal basic income (UBI) program [1] Technological Implementation - The UBI program utilizes a digital wallet named Lomalo [1] - Payments are distributed in USDM1, a stablecoin pegged to the US dollar [1]