Agreement Adds Market Surveillance and Risk Monitoring to RMI’s USDM1 Digital Bond Program
The Republic of the Marshall Islands(RMI) has selected Inca Digital to provide market surveillance and risk-monitoring services for USDM1, a U.S. dollar-denominated sovereign digital bond issued on blockchain infrastructure.
USDM1 is intended to support the Marshall Islands’ national universal basic income program, known locally as ENRA, while also being structured for regulated institutional use in areas such as derivatives and repo markets.
Under the agreement, Inca Digital will provide real-time surveillance, transaction monitoring, anomaly detection, cybersecurity support and incident response services. These functions are aimed at supporting AML/CFT compliance, identifying unusual market activity and improving operational resilience.
USDM1 is collateralized 1:1 by short-dated U.S. Treasury instruments and issued natively on-chain by the sovereign. The bond is designed to combine features of traditional government securities with blockchain-based settlement and recordkeeping.
Through ENRA, Marshallese citizens may choose to receive quarterly UBI payments in USDM1 through a mobile wallet. The system could reduce reliance on physical cash and cheques in a country where geography and limited banking infrastructure can complicate benefit distribution.
Inca Digital CEO Adam Zarazinski said the project is significant because it links sovereign debt issuance with direct citizen payments on blockchain infrastructure.
David Paul, Minister of Finance of the Republic of the Marshall Islands, said the partnership is expected to improve monitoring, transparency and operational resilience for both domestic payments and regulated institutional use.
Dan Yoo
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