Paradigm Leads $5.5M Seed Round in M1X Global for Tokenized Sovereign Debt Platform

According to The Block, Paradigm led a $5.5 million seed funding round in M1X Global on July 7, with Breed VC as the only other investor. M1X Global develops sovereign financial infrastructure and works with the Republic of the Marshall Islands to issue USDM1, a tokenized, U.S. dollar-denominated sovereign debt instrument backed one-to-one by U.S. Treasuries and issued natively on public blockchains including Stellar, Canton, and Solana.

The seed round brings M1X Global's total funding to $8.5 million, following a $3 million angel round in March that included investors such as former Coinbase CTO Balaji Srinivasan and Cumberland Labs CEO Tama Churchouse. Paradigm partner Arjun Balaji stated that the investment reflects the firm's view that sovereign financial infrastructure could become an important next stage of blockchain adoption.