USDM1

USDM1 is a sovereign bond natively issued on-chain by the Republic of the Marshall Islands under New York law. Each unit is backed 1:1 by short-duration U.S. Treasuries in a bankruptcy-remote structure, with holders holding a perfected first-priority security interest. Structured by Cleary Gottlieb as a fully collateralized Brady bond with waiver of sovereign immunity, it features enforceable par redemption and a U.S.-based trustee/collateral agent stack. Compatible with ISDA, GMRA, and GMSLA frameworks, USDM1 supports treatment as sovereign debt or cash equivalent.