M1X Global, a sovereign financial infrastructure and technology company helping governments bridge the transition to 24/7 programmable capital markets, has joined the DTC Digital Assets Solutions Industry Working Group (previously known as the DTCC Industry Working Group), which was created to gather input from its members and discuss technological, regulatory, and industry developments, as well as provide feedback on the development of the DTCC Tokenization Service.
The industry working group is composed of more than 100 firms across traditional finance and digital markets. Members include Bank of America, Citi, J.P. Morgan, Broadridge and Virtu Financial.
M1X Global joined the group to provide insight based on its expertise developing sovereign infrastructure incorporating programmable delivery and 24/7 settlement. The company serves as coordinating agent for the Republic of the Marshall Islands’ issuance of USDM1, the first USD-denominated secured sovereign bond natively issued onchain. Structured under advice of Cleary Gottlieb as issuer’s counsel in the style of a fully collateralized Brady bond, USDM1 is backed 1:1 by pledged short-duration US Treasuries held in a bankruptcy-remote structure under NY law. Holders benefit from enforceable rights to par redemption against a sovereign issuer with an independent US trust company maintaining a perfected, first-priority security interest in pledged collateral.
USDM1 represents a modernization of established sovereign debt principles and provides a live reference point for how sovereign bonds and collateral can be held and moved atomically 24/7.
Mark Lurie, CEO of M1X Global, said: “We are proud to contribute to the DTC Digital Assets Solutions Industry Working Group alongside financial institutions shaping the future of 24/7 markets. M1X’s participation is an extension of our focus on compatibility with regulated market infrastructure.”
Jordan Goldman, President and COO of M1X Global, said: “USDM1 was purpose-built to fit inside the frameworks and agreements institutions already rely on, and to maintain the rigorous legal enforceability and risk reduction mechanics institutions require. It’s a privilege to share our insights and collaborate with the DTC Digital Assets Solutions Industry Working Group.”
M1X Global's participation comes alongside a period of growing institutional availability and adoption of USDM1, which is custodied through Anchorage Digital’s federally regulated bank, through BitGo Bank & Trust and through tZERO's SEC-registered broker-dealer custodian. Surus serves as US trust company maintaining a first-priority perfected security interest in collateral for holders under the UCC. FDIC-insured Bank of Guam also enables support.