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Nonco Expands Institutional Collateral Toolkit from Tokenized Money Market Funds to Secured Sovereign Debt

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Early adopter of tokenized money market fund collateral adds USDM1, the world’s first natively issued secured sovereign bond, as collateral across derivatives, financing and institutional trading

NEW YORK, Sept. 9, 2026 /PRNewswire/ — Nonco, an institutional digital asset firm with businesses spanning derivatives, lending, OTC liquidity, market making and institutional execution, today announced that it will accept USDM1 as collateral from eligible counterparties and post USDM1 across its derivatives, financing and institutional trading activities.

The adoption marks the latest expansion of Nonco’s institutional collateral toolkit. The firm, which has surpassed $100 billion in bilateral OTC trading volume and onboarded more than 900 institutional counterparties, was an early participant in the use of tokenized money market fund shares as collateral in live derivatives transactions, including the use of Superstate’s USTB in a bilateral BTC/USD options trade.

Where payment stablecoins are generally structured as corporate obligations and tokenized money market funds represent interests in investment funds, USDM1 is a natively issued, secured sovereign bond – with different legal rights, economic characteristics and applications across 24/7 institutional markets.

USDM1 is a USD-denominated sovereign bond secured on a 1:1 basis by short-dated US Treasuries pledged to a US trust company in a bankruptcy-remote structure. Its issuance, collateral and redemption arrangements are governed by New York law, with an explicit customary waiver of sovereign immunity. As a dual-recourse instrument, holders maintain enforceable rights to par redemption against a sovereign issuer and a first-priority perfected security interest in Treasury collateral under Articles 8 and 9 of the Uniform Commercial Code. Cleary Gottlieb Steen & Hamilton LLP advised as issuer’s counsel. M1X Global serves as coordinating agent.

Sovereign securities have long served as foundational collateral assets across global institutional financing markets, with roles spanning derivatives margin, repo, secured financing and liquidity management. USDM1 pays a sovereign coupon and, when unencumbered, has been structured to support look-through to HQLA[1] with 24/7, T+0 settlement. It is compatible with industry-standard ISDA, GMRA and GMSLA documentation, benefiting from robust US close-out netting protections.

For institutional trading firms, the legal and financial characteristics of collateral can directly affect financing flexibility, counterparty exposure, liquidity management and the amount of balance sheet capacity required to support trading activity.

“Nonco was early in demonstrating that tokenized fund interests could become productive collateral rather than simply investment products,” said Jeffrey Howard, Head of North America and Partner of Nonco. “Natively issued sovereign debt adds another important building block to our toolkit. Institutional markets have always optimized among different forms of high-quality collateral depending on the transaction. As markets move onchain, the same principle applies.”

“Tokenization is a technology, not an asset class,” said Jordan Goldman, President and COO of M1X Global, the coordinating agent for USDM1. “A payment stablecoin, a fund share and a sovereign bond can all move onchain, but they remain fundamentally different financial instruments. Two assets with the same dollar value can have very different collateral economics depending on their legal rights, eligibility, netting treatment and financing characteristics.”

Institutional custody and settlement infrastructure supporting USDM1 includes Anchorage Digital Bank, BitGo Bank & Trust, N.A., and tZERO’s regulated broker-dealer custodian. USDM1 is also offered through Tradeweb and accepted by FDIC-insured Bank of Guam.

Most recently, USDM1 served as the sovereign securities collateral leg in the first fully onchain repo transaction with Virtu Financial through Tradeweb, demonstrating its use within established institutional financing frameworks.

About Nonco

Nonco is a digital asset firm purpose-built for institutions. They provide institutional-grade liquidity with bespoke execution and 24/7/365 counterparty support. Trusted by some of the most sophisticated players in the market, they deliver reliability, precision, and scale at the intersection of digital assets and traditional finance. Backed by leading investors including VanEck, Hack VC, Morgan Creek, and Valor Capital, Nonco combines deep market expertise with world-class infrastructure to serve the next generation of institutional finance.

About USDM1

USDM1 is a fully collateralized, USD-denominated sovereign bond natively issued onchain by the Republic of the Marshall Islands. It is structured in the style of a Brady bond under New York law, with an explicit customary waiver of sovereign immunity, and secured on a 1:1 basis by short-duration US Treasury instruments pledged to a US trust company in a bankruptcy-remote structure.

The Republic of the Marshall Islands operates exclusively on the US dollar standard under its Compact of Free Association with the United States. As a dollar-denominated sovereign obligation, USDM1 does not carry foreign-exchange or convertibility risk. Holders maintain enforceable rights to par redemption against a sovereign issuer and a perfected, first-priority security interest in Treasury collateral under UCC 8/9. For more, see https://usdm1.com

USDM1 is compatible with ISDA, GMRA and GMSLA agreements for derivatives, repo and securities lending, and is eligible for robust US close-out netting protections.  Cleary Gottlieb Steen & Hamilton LLP serves as issuer’s counsel and advised with respect to the structuring of the instrument under New York law, with the participation of partners specializing in sovereign debt, UCC and secured transactions, creditors’ rights, netting and digital asset markets.

About M1X Global

M1X Global is a sovereign financial infrastructure and technology company bridging public finance and onchain capital markets. Operating in public-private partnership with the Republic of the Marshall Islands, M1X Global coordinates the legal, compliance, technology, custody and institutional infrastructure behind sovereign digital instruments.

Disclaimer

The content of this communication is for informational purposes only and is not intended to market, offer, or solicit you to buy or sell USDM1 or any financial product directly from Nonco, the Republic of the Marshall Islands, M1X Global or otherwise.

USDM1 is being offered and sold solely outside the United States in reliance on Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”). The Republic of the Marshall Islands has not registered any offering of USDM1 under the US Securities Act, or any other US federal and state securities laws. Accordingly, USDM1 may not be offered, sold, pledged or otherwise transferred in the United States or to, or for the account or benefit of, US Persons (as defined in Regulation S), unless they are registered, or exempt from, or not subject to, registration under the Securities Act.

Nothing in this communication constitutes, or should be construed as, a recommendation by Nonco, the Republic of the Marshall Islands, M1X Global or any third party to acquire or dispose of USDM1 or any other security, or to engage in any investment strategy or transaction.

Prospective investors are urged to carefully read the offering memorandum prepared in connection with the offering of USDM1 in its entirety, including all annexes, appendices, and supplements thereto, before making any investment decision. The offering memorandum contains important information regarding, among other things, the terms of the securities, the risks associated with an investment therein, and the financial condition and business of the issuer. Prospective investors are solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for them based on their investment objectives and personal and financial situation. Prospective investors should consult an attorney or tax professional regarding their specific legal or tax situation.

Forward-Looking Statements

This communication may contain forward-looking statements. These statements are statements that are not historical facts. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions are intended to identify forward-looking statements. Statements regarding trends relating to the Republic of the Marshall Islands or USDM1, and future expansions or projects relating to Republic of the Marshall Islands or USDM1 are examples of forward-looking statements. Such statements reflect the current views of the Republic of the Marshall Islands and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

Footnotes

HQLA1 classification is subject to the applicable regulations and regulatory determinations of each financial institution’s prudential supervisor. Each institution is responsible for its own regulatory capital and liquidity analysis.

[1] HQLA classification is subject to the applicable regulations and regulatory determinations of each financial institution’s prudential supervisor. Each institution is responsible for its own regulatory capital and liquidity analysis. M1X Global

View original content:https://www.prnewswire.co.uk/news-releases/nonco-expands-institutional-collateral-toolkit-from-tokenized-money-market-funds-to-secured-sovereign-debt-302873991.html

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Dreame Expands Beyond Smart Cleaning with Full Smart Living Portfolio at IFA 2026

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SINGAPORE, Sept. 11, 2026 /PRNewswire/ — Dreame Technology is showcasing more than 100 products across 16 categories, demonstrating how Physical AI can move beyond the digital interface and become part of the physical world—helping products better perceive, understand, and respond to everyday life.

At the foundation of this ecosystem is Dreame’s Physical AI architecture, which integrates three core technology pillars: the Omni-Perception System, the Home Intelligence Model, and the Intelligent Actuation & Control System. Together, these enable products to perceive surroundings, interpret scenarios, make decisions, and translate them into physical actions—applying shared capabilities across diverse products and real-world use cases.

Smart Cleaning Flagships

Headlining the robot vacuum lineup is the X60 Ultra Extreme. Its Dual-Joint UltraExtend Arms allow the side brush to extend 12cm and the mop to reach 18cm into corners and under furniture. The ultra-slim 8.9cm design, liftable LDS module, and 42,000 Pa Vormax Suction ensure powerful cleaning in low-clearance spaces. AI-Enhanced OmniSight and 10cm ProLeap provide smooth navigation, while the PowerDock offers 100°C mop self-cleaning and up to 100 days of hands-free emptying.

Also unveiled is the Aqua20 Ultra Roller, Dreame’s first steam robot vacuum, using 180°C steam and 100°C hot water to melt grease and kill 99.99% of bacteria, with an 8cm extendable roller mop reaching deeper into recessed spaces.

For floor care, the H16 Pro TriForce combines 30,000 Pa suction, 200°C steam sterilization, 90°C hot water degreasing, and foam cleaning in one slim device, with a 9.85cm low profile and 180° lie-flat reach.

Personal Care Innovations

The Pocket Aura uses smart heat control and real-time distance sensors to reduce heat damage, low-heat drying and a foldable, travel-ready design. The Pocket Uni offers SmartVolt™ global voltage, 350 million negative ions, and a self-absorbing curling wand that styles with airflow. The AirStyle Pro HI is an 8-in-1 styling kit with a 130,000 RPM motor and Dreamehome app guidance, featuring A-Curl™ and a U-shaped straightening nozzle.

Air Purification Solutions

The FP10 Furcatch Air Purifier for pet owners captures 99.5% of pet hair and eliminates odors via six-stage purification with H14 HEPA and CataFresh™.

The TP20 delivers 500m³/h PCADR, refreshing a 20㎡ room in under 6 minutes, with a 3-in-1 filter lasting up to 5 years and 22dB quiet operation. The compact TP10 offers 280m³/h CADR for spaces up to 117㎡, consuming just 0.48kWh per 24 hours. The NP10 uses high-voltage electrostatic purification with a washable filter, delivering 400m³/h CADR at 28W.

Debuting is the RF10 Purifier Cool, a 2-in-1 purifier and fan with 120° wide-area airflow, millimeter-wave radar for person-tracking, and an 8-layer purification system with negative ions, consuming less than 1kWh per 24 hours.

From Intelligent Products to a Connected Smart Living Ecosystem

Dreame’s IFA 2026 presence reflects a shift toward an integrated ecosystem, applying common perception, decision-making, and execution capabilities across categories. With products in 190+ countries and 42 million households, Dreame continues to extend its Physical AI expertise into everyday life.

About Dreame Technology

Established in 2017, Dreame Technology is a trailblazer in smart home appliances that enhance lives through cutting-edge technology. The official distributor for Dreame Technology in Singapore is DM Dasher Pte Ltd. Stay updated by following us on Facebook, Instagram, and TikTok, or visit https://dreame.sg/.

 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/dreame-expands-beyond-smart-cleaning-with-full-smart-living-portfolio-at-ifa-2026-302875905.html

SOURCE Dreame Technology

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SLACAL Launches Executive Forum Video Series Featuring Lloyd’s Americas President Marc Lipman

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SLACAL CEO Benjamin McKay and Lloyd’s Americas President Marc Lipman discuss wildfire, AI, new sources of capital and the future of insurance coverage in California.

SAN RAMON, Calif., Sept. 10, 2026 /PRNewswire/ — The Surplus Line Association of California (SLACAL) today released the inaugural episode of its Executive Forum video series, featuring a wide-ranging, on-the-record conversation between SLACAL CEO & Executive Director Benjamin J. McKay and Lloyd’s Americas President Marc Lipman. Moderated by SLACAL Chief Industry & Regulatory Officer David Kodama Jr., the discussion pulls back the curtain on how wildfire risk, artificial intelligence and a new wave of global capital are reshaping where, and how, California residents and businesses find coverage.

California is the world’s fifth-largest economy on its own, and its surplus lines sector now accounts for roughly $24 billion in annual premium. Lloyd’s is proud to be a critical partner; it held an 18% share in the California E&S market in 2025. McKay and Lipman explain why that growth happened, why they say the industry’s biggest reputational myth is flat-out wrong and what’s coming next as AI, data centers and other emerging risks outpace what traditional insurance was built to handle.

In the conversation, viewers will hear:

Why McKay says California’s insurance troubles are “a wildfire crisis, not an insurance crisis,” and how Proposition 103 has shaped the market ever since.Why McKay says surplus lines insurance is safer than most people assume.Why Lipman says the old idea of surplus lines as insurance’s “dumping ground” no longer holds up, and what he calls it instead.How private equity, hedge funds and sovereign wealth are quietly funding California’s next generation of risk transfer.How parametric insurance products emerging from the Lloyd’s Lab—which accelerates the development and adoption of new insurance products and operational solutions for the Lloyd’s market—can help California homeowners after a wildfire or earthquake.

▶ Watch the full conversation now on SLACAL’s YouTube Channel 

The Executive Forum conversation is the first in a planned series exploring the issues shaping California’s insurance market. New episodes, along with additional educational content, will be added to SLACAL’s Learning Center throughout the year.

About the Surplus Line Association of California
As the advisory organization appointed by the California Department of Insurance, the Surplus Line Association of California oversees the state’s nearly $25 billion surplus lines marketplace, serving as a market stabilizer, information authority and early-warning system for regulators and market participants. SLACAL supports regulatory oversight, helps brokers comply with California laws and regulations, processes surplus lines insurance policies and monitors the financial condition of companies on California’s List of Approved Surplus Line Insurers.

About Lloyd’s
Lloyd’s is the only insurance marketplace of its kind in the world. It brings together more than a hundred syndicates and thousands of investors, enabling the market to shoulder more insurance risk for every unit of capital than any other financial institution in the world. The role of the Corporation is to advance and protect the market—by maintaining underwriting discipline and our financial strength; and by attracting expertise, innovation and scale. Our unique global licenses and excellent financial strength ratings provide the infrastructure, oversight and confidence required to understand, price and manage complex and interconnected risks. Risk transfer—properly executed—underpins economic growth, resilience and innovation around the world. This is the role Lloyd’s has played for 337 years, and it remains central to our purpose today.

View original content to download multimedia:https://www.prnewswire.com/news-releases/slacal-launches-executive-forum-video-series-featuring-lloyds-americas-president-marc-lipman-302875858.html

SOURCE The Surplus Line Association of California

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Cross-border Counselor LLP: Chinese E-Commerce Sellers File Class Action Seeking to Void Thousands of “Schedule A” Default Judgments Entered After Email Service the Seventh Circuit Has Held Invalid

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Bilateral class action under Rule 60(d)(1) seeks relief from void judgments, an accounting, and restitution of money collected from mainland-China defendants in the Northern District of Illinois

CHICAGO, Sept. 9, 2026 /PRNewswire/ — A Ningbo-based cross-border e-commerce seller has filed a class action in the U.S. District Court for the Northern District of Illinois seeking to void default judgments entered against mainland-China defendants in thousands of “Schedule A” cases, and to require the plaintiffs who obtained those judgments to account for and return the money collected under them.

The complaint, filed by Ningbo Jiaruisi E-Commerce Co., Ltd., which formerly operated on Amazon under the storefront name GENISBULB, asks the court to declare the thousands of default judgments void for lack of personal jurisdiction, to halt their continued enforcement, and to order restitution of funds seized from seller accounts.

The Seventh Circuit’s decision in Kangol

The suit follows a May 29, 2026 ruling by the U.S. Court of Appeals for the Seventh Circuit, the federal appellate court with jurisdiction over the Northern District of Illinois. In Kangol LLC v. Hangzhou Chuanyue Silk Import & Export Co., 177 F.4th 793 (7th Cir. 2026), the court held that where the Hague Service Convention applies, it supplies the exclusive means of serving process abroad — and that because no provision of the Convention authorizes service by email in China, email service on a mainland-China defendant is not authorized by Federal Rules of Civil Procedure 4(f)(3).

For years before Kangol, judges in the Northern District of Illinois routinely granted Schedule A plaintiffs leave to serve Chinese sellers by email or by posting documents to a website. Sellers who never learned of the case did not appear, and default judgments followed.

The scale of the practice

The Northern District of Illinois is the country’s busiest Schedule A forum. According to the complaint, more than 8,900 Schedule A cases were filed there between 2012 and May 2026, by more than 1,900 different named plaintiffs, with each case typically naming dozens or hundreds of online sellers under a collective caption. The complaint alleges that thousands of those cases ended in default judgments against mainland-China sellers served by email or electronic publication rather than through the Convention, that tens of thousands of sellers were affected, and that tens of millions of dollars were collected from them.

“Kangol corrected an error that was repeated thousands of times in the Northern District,” said Wesley E. Johnson of Cross-Border Counselor LLP, lead counsel in this action and in Kangol. “This case seeks to remedy those errors. Spread across tens of thousands of sellers, it adds up to an enormous uncompensated transfers of value out of the Chinese cross-border e-commerce sector.”

The named plaintiff

In December 2022, WHAM-O, owner of the FRISBEE trademarks, filed a Schedule A action in the Northern District of Illinois, WHAM-O Holding, Ltd. v. The Partnerships and Unincorporated Associations Identified on Schedule “A,” No. 1:22-cv-06802. On Dec. 13, 2022, the court entered a temporary restraining order that also authorized service by email and electronic publication. GENISBULB was listed as defendant No. 44.

The court later entered a default judgment awarding WHAM-O statutory damages of $200,000 against each defaulting defendant and directing third parties holding the defendants’ funds to restrain those accounts and turn the money over. Amazon released $4,393.41 from GENISBULB’s account to WHAM-O. The balance of the $200,000 judgment, along with a permanent injunction, remains outstanding against the company, and the complaint alleges that marketplaces and payment processors continue to treat the judgment as an adjudicated finding of infringement.

A bilateral class structure

The complaint proposes a plaintiff class of mainland-China Schedule A defendants and, unusually, a defendant class of the Schedule A plaintiffs who obtained non-Hague service authorization and then took default judgments. WHAM-O, which the complaint alleges filed at least 116 Schedule A cases, is named as the proposed representative of the defendant class. A subclass would cover sellers whose funds were actually turned over.

No class has been certified, and the court has not ruled on any of the allegations in the complaint.

Information for affected sellers

Many sellers named in Schedule A cases never received notice that a judgment had been entered against them, and some learned of it only when a marketplace account was frozen or closed. Sellers who believe they may have been affected — or who are simply unsure whether a judgment was entered against them — are welcome to contact the firm with questions. There is no cost or obligation to make an inquiry.

About Cross-Border Counselor LLP

Cross-Border Counselor LLP is a law firm with offices in Illinois, California, Washington and New York that represents United States and Chinese companies in U.S. litigation involving international legal issues, with a particular focus on intellectual property actions and cross-border enforcement.

Media contact
Wesley E. Johnson
Cross-Border Counselor LLP
105 W. Madison Street, Suite 2300, Chicago, Illinois 60602
Phone: +1 (312) 752-4828
Email: wjohnson@cbcounselor.com 

Attorney Advertising

This release is attorney advertising. It describes allegations contained in a complaint filed with the court; those allegations have not been proven, and no court has ruled on them. Nothing here is legal advice on any specific matter, and nothing here creates an attorney-client relationship. Prior results do not guarantee a similar outcome.

Sources: Complaint filed Sept. 3, 2026 (N.D. Ill.); Kangol LLC v. Hangzhou Chuanyue Silk Import & Export Co., 177 F.4th 793 (7th Cir. May 29, 2026); WHAM-O Holding, Ltd. v. The Partnerships and Unincorporated Associations Identified on Schedule “A,” No. 1:22-cv-06802 (N.D. Ill.).

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SOURCE Cross-Border Counselor LLP

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