Overview
- The Finance Ministry confirmed the world’s first on‑chain UBI disbursement using USDM1 on the Stellar blockchain, delivered via the Lomalo wallet through the Stellar Disbursement Platform in partnership with the Stellar Development Foundation and Crossmint, and released an accompanying white paper.
- The program pays roughly $200 per resident each quarter, with the first round made available in late November and recipients able to choose bank deposit, paper check or the government-backed digital wallet.
- USDM1 is a U.S. dollar‑denominated sovereign bond issued under New York law with a Brady‑style structure and is fully collateralized by short‑term U.S. Treasuries held by an independent trustee.
- Early usage skews to traditional channels, with about 60% of payments going to bank accounts, most of the remainder as checks and roughly a dozen users opting for the wallet.
- The scheme is financed by a U.S.-linked trust fund holding more than $1.3 billion, as the IMF cautions that blockchain delivery poses fiscal, legal, reputational and financial integrity risks without robust oversight.