tldr; The Republic of the Marshall Islands has executed the world’s first on-chain universal basic income (UBI) payout using a digitally native sovereign bond, USDM1, issued on the Stellar blockchain. This initiative, part of the ENRA program, addresses financial exclusion and logistical challenges in the dispersed atolls of the Marshall Islands. The program uses a custom-built digital wallet, Lomalo, for transparent and instant fund distribution, benefiting over 33,000 citizens. It serves as a model for blockchain-based public finance in small economies.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
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tldr; The Republic of the Marshall Islands has executed the world’s first on-chain universal basic income (UBI) payout using a digitally native sovereign bond, USDM1, issued on the Stellar blockchain. This initiative, part of the ENRA program, addresses financial exclusion and logistical challenges in the dispersed atolls of the Marshall Islands. The program uses a custom-built digital wallet, Lomalo, for transparent and instant fund distribution, benefiting over 33,000 citizens. It serves as a model for blockchain-based public finance in small economies.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.