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ETH 
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XLM BitGo launches qualified custody and over-the-counter settlement services for USDM1
BitGo has officially launched institutional qualified custody and over-the-counter settlement services for USDM1. USDM1 is described as the world's first native-issued sovereign bond based on on-chain guarantees. The deployment covers the three major chains of Stellar, Ethereum and Solana, providing professional institutions with a regulated path to hold dollar-denominated sovereign debt with 7×24-hour liquidity and near-instant final settlement capabilities.
USDM1 was issued by the Republic of the Marshall Islands and backed on a 1:1 ratio by short-term U.S. Treasury instruments, which are held in custodians in bankruptcy isolation. The instrument uses a fully mortgaged Brady bond structure under New York law and is provided by Cleary Gottlieb. The holder enjoys a priority security interest in the underlying collateral in accordance with the Uniform Commercial Code. The instrument is regulated and supervised by the Monetary Authority of the Marshall Islands.
Unlike tokenization or encapsulated tools, USDM1 is issued directly based on public blockchain and corresponds to independent treasury bonds reserves. The casting and destruction operations correspond to the issuance and redemption of bonds respectively. The instrument pays sovereign coupons and is compatible with standard derivatives, repo and securities lending frameworks, making it feasible as institutional collateral under the existing legal netting structure.
Go Network Integration: Targeting Real-Time Mortgage and Settlement
BitGo will connect USDM1 to the Go network to support real-time mortgage and settlement. This architecture aims to shorten the settlement cycle of several days in the traditional fixed income market to T+0 final settlement and achieve programmable transfer across the three mainstream public chains.
Institutional application scenarios for USDM1 have been in the works for a long time. M1X Global, the sovereign financial infrastructure company responsible for the development of USDM1, completed an oversubscribed seed round of financing led by Paradigm in July 2026, with a total financing amount of US$8.5 million. Arjun Balaji, partner at Paradigm, pointed out: "A 7×24-hour market requires collateral that can flow around the clock." He views USDM1 as a reference model for native sovereign debt issuance.
In addition to the institutional market, USDM1 also serves as a payment channel for the Marshall Islands ENRA universal basic income plan. Launched in November 2025, the plan is described as the world's first nationwide on-chain universal basic income project.
