USDM1
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USDM1 is the first sovereign, USD-denominated digital bond issued natively on-chain. It is a dual-recourse instrument - USD-denominated sovereign debt of the Republic of the Marshall Islands, fully collateralized by short-dated U.S. Treasuries held in a bankruptcy-remote U.S. trust. Structurally, USDM1 mirrors the established Brady-bond model. The instrument is issued under a New York-law indentur
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