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USDM1 is a USD-denominated, sovereign bond issued onchain by the Republic of the Marshall Islands, a sovereign nation operating on the U.S. dollar standard. Each unit is issued at par and fully collateralized 1:1 by short-dated U.S. Treasuries held on a segregated basis with a U.S. trust company. USDM1 represents a direct sovereign obligation, issued under New York law with explicit waivers of sovereign immunity, providing legal enforceability consistent with traditional sovereign debt instruments. While it functions operationally similar to a stablecoin, supporting on-chain transfer, transparency, and settlement efficiency, USDM1 is not a private corporate stablecoin, CBDC, wrapped asset, or synthetic dollar representation.

USDM1

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USDM1	USD
0.1	0.09852456497
1	0.98524564976
2	1.97
5	4.93
10	9.85
20	19.70
50	49.26
100	98.52
1000	985.25

USD	USDM1
0.1	0.10149753010
1	1.01
2	2.03
5	5.07
10	10.15
20	20.30
50	50.75
100	101.50
1000	1,014.98

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