The Republic of the Marshall Islands — with a population of roughly 53,000 — first revealed plans to release its own cryptocurrency dubbed the Sovereign (SOV) in February 2018. As officials then claimed, the Sovereign currency would be “another step of manifesting [their] national liberty.” The Sovereign is set to be an alternative to the official currency of the U.S. dollar, and is planned to be distributed via Initial Coin Offering (ICO).