‍Marshall Islands Trials Stellar Blockchain for UBI Payments The Republic of the Marshall Islands is piloting a universal basic income (UBI) program using the Stellar blockchain and a novel digital asset, USDM1. This initiative aims to overcome systemic banking shortages and provide financial access to its 40,000 citizens through a user-friendly digital wallet, Lomalo, developed by Crossmint. The USDM1 token is a yield-bearing sovereign bond, offering stability and benefits akin to a money market fund. This transition from cash-based systems and reliance on a single correspondent bank addresses significant geographic and financial isolation challenges, enhanced by Starlink satellite internet connectivity. The Stellar Development Fund supports the project with a multi-million dollar grant.

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Marshall Islands Trials Stellar-Based Crypto for Universal Basic Income

The Republic of the Marshall Islands (RMI) has launched a pilot program utilizing the Stellar blockchain to distribute universal basic income (UBI)...