Sovereign debt on-chain, Paradigm is betting real money on it.

Cryptocurrency startup M1X Global, which focuses on sovereign financial infrastructure, has completed a $5.5 million seed funding round led by Paradigm, with participation from Breed VC, bringing the company's total funding to $8.5 million. M1X Global previously assisted the Marshall Islands in issuing the tokenized sovereign debt instrument USDM1, which is backed 1:1 by U.S. Treasuries and has been deployed on the Stellar, Canton, and Solana networks. The company stated that it will use this funding to advance the use of USDM1 as collateral in regulated financial markets, with a focus on expanding into banks, custodians, over-the-counter trading, exchanges, and other institutional market infrastructure. (The Block)