M1X Global has raised a $5.5 million seed round led by Paradigm as it expands institutional use of USDM1, the Marshall Islands' dollar-denominated sovereign debt instrument issued directly on public blockchains. The company said USDM1 is backed 1:1 by short-term U.S. Treasuries under a New York legal framework, and that the new capital will support integrations for repo, margin and collateral financing with banks, custodians and trading platforms. M1X also said it previously raised an oversubscribed $3 million angel round in March 2026 that included Balaji Srinivasan, adding to investor backing for efforts to bring sovereign debt onto blockchain-based market infrastructure.