Part 4: The National Treasury, the Hawaii Digital Dollar, and Hawaii Bonds

In order to facilitate commerce, the Nation of Hawaii has set out to establish a national treasury, central bank, Hawaii Dollar, and Hawaii Bonds.

The initial treasury asset mix includes lands controlled by the Nation of Hawaii, fiat reserves, cash flows from business agreements, potential legal settlements related to land disputes, Hawaii Bonds, and rights to the physical assets of the Hawaiian Archipelago. As the NOH obtains more assets, the treasury grows. As the treasury grows the Nation is able to release more Hawaii dollars.

The Hawaii dollar (HI) is currency that facilitates payments and transactions. It exists in the traditional financial system and in the decentralized financial system. The Hawaii dollar strives to provide a relatively stable price so that it can provide price certainty in transactions.

The Nation of Hawaii will accept both HI and US dollars as a currency in transactions. Most businesses that operate in the Nation of Hawaii also accept Yen and several forms of crypto as well as all major credit cards, PayPal and Venmo.

Given the historical connections between Hawaii and Europe, the Nation has selected the Swiss Franc as its primary “peg” for the Hawaii dollar. The reason is that the Swiss Franc historically has been a stable fiat reserve currency and Switzerland is the country that has embraced digital technology and has a financial system that envisions acceptance of decentralized assets. As of this writing, the Swiss Franc is trading near parity with the US dollar.

So using the Swiss Franc as its peg, the Hawaiian dollar aims to match the number of Hawaii dollars in circulation with the value of the National Treasury. So if the value of the assets in the National Treasury is equal to 150 bIllion Swiss Francs, there will be 150 billion Hawaii dollars in circulation.

If the value of the treasury increases, the Central bank releases more Hawaii dollars into the market. The treasury reserves the right to sell dollars into the marketplace in exchange for other assets, including other fiat currencies, equities and commodities, like gold. For example, the Nation of Hawaii may announce a Hawaii Dollar Sale that intends to raise 10 billion Swiss Francs. It would sell the corresponding amount of Hawaii dollars and then keep the Swiss Francs in its treasury to back the Hawaii dollar’s value.

If the value of the treasury assets falls, the Central Bank buys back Hawaii dollars to bring the value of the circulating dollars back into balance with the treasury assets. There will naturally be a small lag between assets’ valuations and circulating HI supply. Algorithms in the National Treasury security system actively release and buy back Hawaii Dollars 24/7/365 to ensure a stable digital currency which can be used for Hawaii business transactions by its citizens, and others seeking to clear digital currency transactions with a stablecoin that is issued by a National government.

Hawaii Bonds are being issued to fund the operations or the Nation of Hawaii. This is identical to how both publicly held corporations and other countries finance their endeavors. Most of the Hawaii Bond offerings are considered as Green bonds.

Hawaii Bonds may have a higher risk profile than the typical Sovereign bonds, but once the market gains comfort that investors will receive their payments on time, the rating for the Bonds should evolve from higher risk to the lower risk associated with sovereign bonds. We estimate that the risk profile for Hawaii bonds will be similar to other leading island nations such as Malta, Iceland, Singapore, and Bermuda.

The Nation of Hawaii intends to raise HI 15 billion over the coming 48 months to fund the key priorities of the Nation. The national priorities can be categorized into 5 categories including:

2. Lending & Financial services

3. Clean energy and innovation

4. Education and government services

5. Capital reserves

The first bond offering is slated for HI 5 billion. The total allocation for housing will be approximately HI 2 billion. Of this, the first “shovel ready” project is a 3D printed community in Oahu. The goal is to build 100–200 units of housing and commercial spaces and an urban/agricultural village. This will provide much needed housing and allow the Nation to test new construction techniques that it can then scale with subsequent housing projects. Part of this village will include work-live commercial spaces where the Nation of Hawaii and other businesses that choose to domicile will be able to house team members and conduct operations.

Once the “test village” is created, the Nation plans to build 10,000 3D printed homes and their associated utilities throughout the Hawaiian islands using this urban/agricultural village concept. The estimated projected cost per 100 square meter apartment is HI 100,000 for a total allocation of HI 1,000,000,000. Please note that the Nation of Hawaii uses the metric system for measurements.

Supporting the housing effort, the Nation will allocate HI 1,500,000,000 to a financial services program that helps Hawaiian citizens acquire and refinance properties in Hawaii. Third party credit unions will use this liquidity pool to fund loans for Hawaiians. Properties acquired with these loans will be restored to the Nation of Hawaii.

The Nation of Hawaii plans to use HI 500,000,000 of the bond raise to create clean energy biofuel plants and solar energy fields in Hawaii and in other island nations. The biofuel plants grow algae, which is fermented and turned into fuel that can be used for aviation and agriculture. The solar energy projects can provide off grid power throughout neighborhoods in Hawaii. Revenues from the energy activities are projected to be over 30% IRR per year based on existing purchase contracts with major energy companies. This ongoing source of revenue will provide the basis for bond interest payments.

HI 100,000,000 will fund the creation of the Nation of Hawaii citizenship program, identity program, legal framework, security system, and education system. The education system will be focused on continuing education for teens and adult Hawaiian citizens to provide software coding skills, legal training, financial services, advanced construction trades, health care, and agricultural services so that they can convert from employment in the hospitality or government sector to employment in the technology, financial services, construction and agricultural sectors. The goal is to provide job training for 5,000 Hawaiian citizens in the coming year. This will also empower the Nation of Hawaii to open additional consulates in WeWork style spaces in Europe, Australia, the Middle East, Africa, and the Americas to support our growing diplomatic and trade negotiations.

The Nation will rely on treaties and business agreements with existing infrastructure, health care, and defense services in Hawaii, but over time will build its own social infrastructure. It plans to recognize the United States and NATO as its primary military ally, but reserve the right to enter into defense, trade, and good will treaties with any nation.

The second Hawaii Bond offering will include funding for an additional priority which is acquiring interests of publicly held companies that have a significant footprint in Hawaii. These efforts may take the form of outright stock purchase, or joint ventures where the company spins off a publicly traded division of their firm with the Nation of Hawaii as their primary financial partner.

The profits from these enterprises will fund social benefits for citizens. The net effect of bond offerings will be creating a Hawaii sovereign wealth fund. This fund will seek to acquire interests in businesses that generate a 8–15% IRR annual return. This allows for bond interest payment and proceeds to support health care, healthy food, education programs, transportation, and housing for Nation of Hawaii citizens.

Over the coming decade, the Nation of Hawaii plans to issue more bonds to be used to acquire back major pieces of the hospitality industry, shipping industry, agriculture industry, and defense industries that operate in the islands.


The Nation of Hawaii is creating a heart-led approach to capitalism and governance that will empower Hawaiian people, and those who identify as Hawaiian citizens, to address social justice, and create a clean slate for the development of a new center or trade, innovation and health living in the middle of the Pacific. By empowering citizens to be shareholders in the Nation’s treasury and investments, the Nation of Hawaii will accelerate solutions to solve the challenges of providing safe sustainable housing, health care, education, and economic prosperity.



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Sean is the current Minister of Finance for the Nation of Hawaii.