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What is Meter Stable (MTR)?

Meter Stable (MTR) is a decentralised, permissionless cryptocurrency designed to serve as a stable unit of account, medium of exchange, and store of value within the blockchain economy. Unlike conventional stablecoins that are pegged to fiat currencies such as the US dollar, Meter Stable derives its value from the cost of electricity. Each MTR is created using 10 kWh of electricity through SHA256 Proof of Work, the same consensus method used by Bitcoin. This production-cost model ties the long-term equilibrium price of MTR to the global competitive electricity price, which historically has proven more stable than any fiat currency. The project was founded in 2018 by Xiaohan Zhu, and the Meter blockchain went live in 2020 as a Layer-1 network compatible with Ethereum and other public blockchains through cross-chain adaptors and SDKs. MTR has an uncapped maximum supply, with a total supply reported at approximately 391,721 MTR. The project represents a mature but niche segment of the stablecoin market, focusing on true decentralisation rather than fiat backing.

Key Specifications & Tokenomics

• Name: Meter Stable
• Ticker / Symbol: MTR
• Consensus Mechanism: SHA256 Proof of Work (PoW)
• Blockchain Type: Layer-1, compatible with Ethereum and other public blockchains via cross-chain adaptors and SDKs
• Category: Cryptocurrency / Stablecoin
• Max Supply: Unlimited (uncapped)
• Total Supply: 391,721 MTR
• Circulating Supply: Approximately 90,956 to 91,219 MTR reported by some sources, with other sources listing 391.72K MTR
• Launch Date: Project founded in 2018; Meter blockchain went live in 2020
• Official Website: https://www.meter.io/
• Whitepaper: https://docsend.com/view/6gebiph
• Documentation: https://docs.meter.io/overview-of-meter/mtr-the-metastable-coin
• Block Explorer: scan.meter.io
• Source Code: GitHub
• Related Token: MTRG (Meter Governance Coin)

Who created Meter Stable (MTR)?

Meter Stable was founded by Xiaohan Zhu in 2018. Xiaohan Zhu established the project with the vision of creating a fully decentralised, permissionless stable cryptocurrency that does not rely on fiat pegs, centralised collateral, or oracles. Under his leadership, the Meter blockchain went live in 2020, positioning itself as a Layer-1 blockchain designed to serve as the foundation for decentralised applications, similar to Ethereum. Detailed public information about the broader core team and advisors is currently limited, and the project has maintained a relatively low public profile compared to larger stablecoin initiatives. The founder's ongoing involvement is evidenced by the project's continued development and documentation updates.

How does Meter Stable (MTR) work?

Meter Stable operates on a unique economic model that links the value of MTR to the cost of electricity rather than to any fiat currency. Each MTR is created with 10 kWh of electricity using SHA256 Proof of Work. Miners convert their hash power to mine MTR, and their profit-seeking behaviour ties the cost of the global competitive electricity price to the value of MTR. When the price of MTR rises, profit-driven miners allocate more mining equipment to mine MTR; when the price falls, they redirect their equipment to other PoW chains. This elastic block reward mechanism brings the price of MTR back to its competitive equilibrium. In contrast to Bitcoin, where the block reward is constant but the price fluctuates, Meter maintains a constant price target while block rewards vary based on total network hash power. The long-term sustainable market equilibrium is expected to be in the 0.6 to 1.25 USD range for MTR to be continuously created. Additionally, Meter has a reserve mechanism to account for larger price fluctuations, and an on-chain auction process allows MTR to be converted to MTRG through competitive bidding, which removes surplus MTR from circulation when demand is low.

What makes Meter Stable (MTR) unique and valuable?

Meter Stable distinguishes itself from other stablecoins through its true decentralisation and absence of fiat or crypto collateral. Fiat-backed stablecoins like USDT and USDC are centralised and subject to regulatory restrictions. Crypto-backed stablecoins like DAI face capacity challenges and rely on oracles that are typically centralised, introducing systemic risks from potential data errors or software glitches. Meter avoids these issues by giving up the USD peg entirely and instead anchoring its value to the cost of electricity, which has historically been more stable than fiat currencies. Between 1960 and 2021, electricity prices increased 6.3x in USD terms but remained stable after adjusting for inflation. By eliminating counterparty, regulatory, and oracle risks, Meter aims to provide a stable financial system for the blockchain economy. Its Layer-1 architecture and cross-chain compatibility further enhance its utility as a foundational infrastructure for decentralised applications and cross-chain interactions.

What is Meter Stable (MTR) used for?

MTR serves multiple functions within the cryptocurrency ecosystem. Externally, it can be used for everyday payments and as a store of value, offering users a stable medium of exchange without exposure to fiat volatility. On the Meter network, MTR is used for transaction payments, gas fees, and storage fees, as well as rewards for PoS validators who approve transactions. MTR can also be converted to MTRG through a competitive bidding process, allowing holders to participate in the governance of the network. Within decentralised applications, MTR is essential for pricing goods and services, eliminating the need for dynamic pricing based on off-chain exchange rates. Its stable value enables dApps and their users to interact with the physical world without the complications of cryptocurrency volatility. Furthermore, MTR facilitates cross-chain transactions and interactions, acting as a stable financial system for other public blockchains.

How Is the Meter Stable (MTR) ecosystem developing?

The Meter ecosystem is centred around the MTR stablecoin and its related governance token, MTRG. MTR is primarily used as a stable currency within the cryptocurrency ecosystem, addressing the need for a reliable unit of account and medium of exchange. Its stable value allows decentralised applications and their users to interact with the physical world without the complications of cryptocurrency volatility. MTR is essential for pricing goods and services within dApps, eliminating the need for dynamic pricing based on off-chain exchange rates. The token also facilitates cross-chain transactions and interactions, acting as a stable financial system for other public blockchains. MTR may be available for swapping via Onchain, the official decentralised product of Crypto.com. The Meter documentation references MTRG as the governance coin, and the internal MTRG auction process continually removes MTR from circulation when demand is lower, contributing to the stability of the ecosystem. The project continues to develop its Layer-1 blockchain infrastructure, with ongoing documentation updates and community engagement through platforms such as X and TradingView.

How to mine Meter Stable (MTR)?

Meter Stable uses SHA256 Proof of Work, the same mining algorithm as Bitcoin, which means miners can use Bitcoin ASIC hardware to mine MTR. Miners convert their hash power to mine MTR, and the block reward adjusts elastically based on the total network hash power. When the price of MTR rises, miners are incentivised to allocate more equipment to MTR mining; when the price falls, they redirect their hash power to other PoW chains. This arbitrage behaviour is central to maintaining the stability of MTR's value. Unlike Bitcoin, where the block reward is fixed and the price fluctuates, Meter maintains a constant price target while block rewards vary. The long-term sustainable market equilibrium is expected to be in the 0.6 to 1.25 USD range for MTR to be continuously created. Miners should note that the network's difficulty and block rewards adjust dynamically, so profitability depends on electricity costs and hash power allocation. Additionally, MTR can be converted to MTRG through on-chain auctions, providing an alternative mechanism for participating in the network's governance and economics.

How to keep your Meter Stable (MTR) Coin safe?

Keeping your MTR coins safe requires adherence to standard cryptocurrency security practices. Since MTR operates on its own Layer-1 blockchain with a block explorer at scan.meter.io, users should store their holdings in wallets that support the Meter network. Hardware wallets provide the highest level of security by keeping private keys offline and protected from online threats. For smaller amounts, reputable software wallets that support MTR can be used, but users should ensure they download wallets only from official sources. Always back up your private keys or seed phrases in a secure, offline location, and never share them with anyone. Be cautious of phishing attempts, fake websites, and social engineering attacks that target cryptocurrency holders. When interacting with decentralised applications or cross-chain bridges, verify the authenticity of the platform and smart contracts. Given that MTR is traded on multiple exchanges, users should also enable two-factor authentication on exchange accounts and consider withdrawing holdings to personal wallets for long-term storage. Regularly update your wallet software and stay informed about security best practices to protect your assets.