Marshall Islands Test Crypto for Universal Basic Income as Cash and Banks Fall Short
Access to financial services is shifting in the Republic of the Marshall Islands (RMI), as the island nation begins using digital assets to support its citizens.
Late last month, some Marshallese accepted paper checks under ENRA, the RMI’s universal basic income program, while others saw a token called USDM1 appear in Lomalo, a Stellar-based “digital citizen wallet” developed by enterprise blockchain platform Crossmint.
As a fully collateralized sovereign bond, the token generates yield and is designed to serve as a medium of exchange for the Marshall Islands’ 40,000 population, according to Paul Wong, director of special projects at the Stellar Development Fund (SDF).
“Unlike a stablecoin, where the issuer is…
