NEW YORK, July 21, 2026 /PRNewswire/ -- M1X Global today confirmed its participation in the Tokenized Collateral Working Group and U.S. Industry Sandbox co-sponsored by the International Swaps and Derivatives Association (ISDA) and Global Digital Finance (GDF), powered by Ownera.
M1X Global joined industry leaders from organizations including DFNS, BitGo, CME Group, Intercontinental Exchange, Fidelity Investments, Standard Chartered and Stellar Development Foundation exploring the use of tokenized collateral, including USDM1, in institutional derivatives, repo and lending markets. The U.S. Industry Sandbox followed a GDF working group in the European Union and United Kingdom in 2025.
The Working Group and Industry Sandbox explored paths to utilize always-on, tokenized collateral as margin, repo and securities lending collateral - benefitting from real-time programmability and 24/7 delivery - which can drive trillions of dollars of efficiency improvements in the cleared and uncleared initial and variation margin collected each year within existing collateral, custody and margin systems.
Sandbox participants named in ISDA and GDF's report on tokenized collateral, including M1X Global, explored topics including, industry opportunities for faster-settling collateral to improve Standardized Approach for Counterparty Credit Risk ("SA-CCR") outcomes and, to reduce capital requirements firms currently hold against intraday liquidity needs or funding exposures. Firms also discussed industry HQLA needs, collateral close-out netting rights, and insolvency protections under U.S. bankruptcy and securities laws.
M1X's experience is informed by its work coordinating the development of USDM1, the world's first natively-issued, USD-denominated onchain sovereign bond. USDM1 is characterized under the UCC as a financial instrument - the same characterization that governs conventional securities collateral - and, in ISDA netting sets, can be netted on close-out alongside conventional collateral. Rather than being excluded from exposure calculations as an unrecognised digital claim. As a government security rather than a fund interest, USDM1 reaches the same destination from the other side of the collateral schedule.
Jordan Goldman, President and COO of M1X Global, said: "It's a privilege to work alongside the institutions defining the future of 24/7 tokenized collateral. We've spent years helping coordinate and structure USDM1 with the Republic of the Marshall Islands and USDM1 ecosystem partners, and are proud to bring our experience - and USDM1 as a collateral asset - to these efforts."
USDM1 is custodied through Anchorage Digital and through BitGo's federally regulated bank as well as tZERO's SEC-registered broker-dealer custodian, with Surus serving as U.S. trust company. FDIC-insured Bank of Guam has also announced support for USDM1.
About M1X Global
M1X Global is a sovereign financial infrastructure and technology company bridging public finance and on-chain capital markets. Operating in public-private partnership with the Republic of the Marshall Islands, M1X coordinates the legal, compliance, technology, custody and institutional infrastructure behind sovereign digital instruments.
About USDM1
USDM1 is USD-denominated sovereign debt issued natively on-chain by the Republic of the Marshall Islands, secured 1:1 by short-duration U.S. Treasury instruments held in bankruptcy-remote custody. The RMI operates exclusively on the U.S. dollar standard under its Compact of Free Association with the United States. USDM1 is structured in the style of a fully collateralized Brady bond under New York law, with an explicit customary waiver of sovereign immunity, and provides holders with claims secured by a perfected first-priority security interest in collateral under the UCC, enabling compatibility with ISDA netting frameworks and supporting institutional margin, repo and financing workflows. USDM1's structure has been developed with legal analysis from Cleary Gottlieb Steen & Hamilton.
Disclaimer
The content of this communication is for informational purposes only and is not intended to market, offer, or solicit you to buy or sell USDM1 or any financial product directly from M1X Global, ISDA, GDF, Ownera, The Republic of the Marshall Islands or otherwise.
USDM1 is being offered and sold solely outside the United States in reliance on Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act"). The Republic of the Marshall Islands has not registered any offering of USDM1 under the U.S. Securities Act, or any other U.S. federal and state securities laws. Accordingly, USDM1 may not be offered, sold, pledged or otherwise transferred in the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S), unless they are registered, or exempt from, or not subject to, registration under the Securities Act.
Nothing in this communication should be construed as, or constitutes, a recommendation, by M1X Global, ISDA, GDF, Ownera, the Republic of the Marshall Islands or any third party, to acquire or dispose of USDM1 or any other security, or to engage in any investment strategy or transaction. Prospective investors are urged to carefully read the offering memorandum prepared in connection with the offering of USDM1 in its entirety, including all annexes, appendices, and supplements thereto, before making any investment decision. The offering memorandum contains important information regarding, among other things, the terms of the securities, the risks associated with an investment therein, and the financial condition and business of the issuer. Prospective investors are solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for them based on their investment objectives and personal and financial situation. Prospective investors should consult an attorney or tax professional regarding their specific legal or tax situation.
Media Contact
Kishan Naran
Wachsman
Kishan.naran@wachsman.com
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