M1X Global Raises $5.5M Seed for Tokenized Sovereign Debt

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M1X Global, a New York company building on-chain capital market infrastructure, has raised $5.5 million in a seed round led by Paradigm, with strategic participation from Breed VC and early angel backers. The oversubscribed round takes total funding to $8.5 million, following a $3 million angel round in March.

The company works in a public-private partnership with the Republic of the Marshall Islands to manage USDM1, which it describes as the first U.S. dollar-denominated sovereign debt instrument backed one-to-one by U.S. Treasuries and issued natively by a sovereign on a public blockchain. USDM1 launched on Stellar and is also available on Canton and Solana.

M1X will use the capital to fund the institutional rollout of its sovereign bond, scale its engineering and compliance teams and develop around-the-clock programmable public market systems.