Paradigm is underwriting the legal wrapper more than the chain: USDM1 is pitched as a Marshall Islands sovereign bond, not a stablecoin or fund share, with 1:1 short-duration Treasury collateral, NY-law rights, and UCC 8/9 security interest. The wedge is institutional collateral, on-chain IM/VM and repo workflows first, plus RMI's UBI distribution rail through a continuous Reg S tokenized bond program sized initially up to $100M.

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