Metal Dollar PriceXMD

What is Metal Dollar (XMD)?

Metal Dollar (XMD) is a reserve-backed stablecoin index built around a basket of US dollar-denominated, fiat-backed stablecoins. Rather than relying on a single issuer, XMD aggregates multiple trusted stablecoins — including USDC (Circle), PYUSD (PayPal), and USDP (Paxos) — into one unified digital dollar unit. Smart contracts handle minting, redemption, and rebalancing, creating a trustless and auditable system that maintains a 1:1 soft peg to the US dollar.

XMD originally launched on the XPR Network (Proton Blockchain) and serves as the primary trading pair on Metal X, the DeFi super app developed by Metallicus. It can be minted and redeemed 1:1 against supported basket assets across Ethereum, XPR Network, and Metal Blockchain. The project is governed by the Metal DAO and is positioned as a foundational stablecoin layer for internet-native finance, combining traditional reserve-backed stability with gasless blockchain infrastructure.

Key Specifications & Tokenomics

• Name: Metal Dollar
• Symbol / Ticker: XMD
• Blockchain / Network: XPR Network (original launch); multi-chain minting and redemption across Ethereum, XPR Network, and Metal Blockchain
• Contract / Treasury Identifier: xmd.treasury
• Explorer: https://explorer.xprnetwork.org/account/xmd.treasury (treasury account, where reserve balances can be verified on-chain).
• Category: Reserve-backed stablecoin index
• Reserve Basket: USDC (Circle), PYUSD (PayPal), USDP (Paxos), and PAX; the whitepaper lists USDC, PYUSD, and PAX as the core basket assets.
• Total Supply: Approximately 2.79M XMD
• Self-Reported Circulating Supply: 4.52M XMD
• Circulating Supply: Approximately 836,560 XMD
• Market Cap: Approximately $4.52M (self-reported); approximately $836,952 (third-party tracking)
• FDV: Approximately $2.79M
• Max Supply: Not capped
• Launch Date: July 3, 2023 (XPR Network); listed on CoinMarketCap on September 22, 2025.
• CertiK Rating: 3.6
• Base Contract Address: 0x56413b7474c8ad415299ec0222fc549cd551cb07

Who created Metal Dollar (XMD)?

Metal Dollar is developed by Metallicus, Inc., the company behind the Metal X platform, Metal Pay, and the broader XPR Network ecosystem. Metallicus has operated since 2018 and describes its approach as "Crypto, the right way" — emphasizing compliance, low fees, and live customer support. Metal Pay is a service of Metallicus, Inc. (NMLS ID: 2057807) and MetalPay, Inc. (NMLS ID: 2731963), both licensed money transfer providers.

Governance of the XMD protocol is handled by the Metal DAO, which uses the MTL token for voting on protocol upgrades, asset composition, and integrations. Metallicus is led by CEO Marshall Hayner, based in San Francisco.

How does Metal Dollar (XMD) work?

XMD operates through smart contracts that manage three core functions: minting, redemption, and rebalancing. Users deposit supported stablecoins — such as USDC, PYUSD, or USDP — as collateral to mint XMD at a 1:1 ratio. At any point, XMD can be redeemed back for any of the stablecoins held in the Metal Treasury. This two-way mechanism keeps XMD closely aligned with the US dollar while distributing counterparty risk across multiple issuers.

The reserve basket is dynamically managed to reduce reliance on any single stablecoin provider. Each basket asset has a target weight (USDC 60%, PYUSD 15%, PAX 15%) and a minimum supply threshold (USDC 10,000,000; PYUSD and PAX 1,000,000), which the smart contracts use to guide rebalancing. The basket is governed by target weights (USDC 60%, PYUSD 15%, PAX 15%), but actual holdings can deviate significantly — at times USDC has accounted for over 96% of treasury assets, so diversification is a target rather than a guarantee.

Because XMD runs on the XPR Network, transactions benefit from zero gas fees and instant finality. Metal X transactions are signed using a selected WebAuth device, and additional signing keys can be configured through webauth.com. This architecture allows for efficient, low-cost transfers, trading, and settlement without the fee burden typical of other blockchain networks.

What makes Metal Dollar (XMD) unique and valuable?

The primary distinction of XMD is its index-based structure. Instead of depending on one issuer's reserves, XMD holds a diversified basket of regulated, reserve-backed stablecoins. This reduces single-counterparty exposure and creates a more resilient dollar-denominated asset. The basket is governed by the Metal DAO, and financial institutions can submit proposals to have their own stablecoins included, creating a compliant path to digital asset issuance and indexation.

XMD also stands out for its zero gas fees on XPR Network, making it practical for high-frequency trading, cross-border transfers, and everyday payments. It serves as the core trading pair on Metal X, providing deep liquidity and fast, feeless trades. The combination of reserve-backed stability, multi-chain minting and redemption, and gasless infrastructure positions XMD as a utility-focused stablecoin designed for real-world use rather than speculation.

What is Metal Dollar (XMD) used for?

XMD functions as the main stablecoin within the Metal X ecosystem. Its primary uses include:

• Trading: XMD is the primary trading pair on Metal X, the DeFi platform built by Metallicus on XPR Network.
• Minting and redemption: Users can mint XMD 1:1 with supported stablecoins and redeem it back at any time through the Metal Dollar interface.
• Settlement and payments: XMD supports settlement, cross-border payments, and e-commerce with instant finality and no gas costs.
• DeFi participation: XMD integrates with lending, borrowing, yield farming, liquidity pools, swaps, and bridging features available on Metal X.
• Purchasing: XMD can be bought with a debit or credit card through the Metal Pay app in supported regions; availability depends on local licensing.

How Is the Metal Dollar (XMD) ecosystem developing?

The XMD ecosystem is anchored by Metal X, a DeFi super app offering trading, lending and borrowing, yield farming, liquidity pools, swaps, fiat on-ramps, OTC services, streaming, and bridging. Developers can access API documentation, GitHub repositories, and trading bot tools. Metal Pay provides a consumer-facing entry point for buying XMD with debit or credit cards, with identity verification required for regulatory compliance.

In September 2025, Metallicus announced a partnership with St. Cloud Financial Credit Union and DaLand CUSO to launch what the company describes as the first U.S. credit union stablecoin.

XMD is also positioned within the broader XPR Network ecosystem, supporting settlement, DeFi protocols, cross-border payments, and e-commerce. The Metal DAO governs protocol upgrades and asset composition, and institutional participants can propose adding their stablecoins to the reserve basket. The project has published its whitepaper (v1.1) and maintains an active presence across social platforms including X (Twitter), Telegram, Discord, and YouTube.

How is Metal Dollar (XMD) minted?

XMD has no mining or staking mechanism; its supply changes only through minting against approved stablecoin collateral and redemption through the Metal Treasury. The process is straightforward: connect a wallet, select the collateral type, input the amount of XMD to mint, confirm the transaction, and sign it with a WebAuth device. Additional signing keys can be set up at webauth.com.

Redemption works in reverse: XMD holders can redeem their tokens at any time for any of the stablecoins available in the Metal Treasury. This mint-and-redeem mechanism, rather than mining or staking rewards, is how XMD supply adjusts to demand while maintaining its 1:1 soft peg to the US dollar.

How to keep your Metal Dollar (XMD) Coin safe?

Because XMD operates on-chain, security depends on proper wallet and key management. Transactions on Metal X are signed using a selected WebAuth device, and users can configure additional signing keys through webauth.com for enhanced account recovery and multi-device access. Always verify transaction details before signing, and store signing devices securely.

When using Metal Pay, identity verification is required for regulatory compliance; the exact documents depend on your jurisdiction. Metal Pay is a service of Metallicus, Inc., a licensed money transfer provider, and all money transmission is conducted under applicable licenses. Users should be aware that digital asset lending and borrowing involve significant risk, rates are variable, and returns are not guaranteed. As with any digital asset, maintaining control of private keys and using trusted, verified platforms are essential safety practices.