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Marshall Islands Launches Digital Wallet Lomalo for Universal Basic Income

The initiative leverages the USDM1 stablecoin, pegged to the US dollar, to distribute universal basic income via the Lomalo wallet.

Summary

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Terms & Concepts
  • Stablecoin: A cryptocurrency designed to maintain a stable value by pegging it to a reserve asset, such as the US dollar.
  • USDM1: A stablecoin pegged to the US dollar, used in the Marshall Islands' Lomalo wallet for universal basic income distribution.
  • Universal Basic Income (UBI): A government program that provides all citizens with a regular, unconditional sum of money.