One dollar. Multiple reserves. Now on the world’s largest DeFi network.

Metal Dollar (XMD) is now live on Ethereum, the world’s largest DeFi ecosystem by total value locked. At launch, Ethereum secures about $53 billion across DeFi protocols and supports about $159 billion in stablecoins on mainnet—roughly $172 billion when Ethereum Layer 2 networks are included.

This launch extends Metal Dollar beyond XPR Network and marks a new phase in its multi-network growth. XMD is moving into the networks where users, builders, and institutions already hold, move, and put digital dollars to work—while preserving transparent reserves, defined mint and redemption processes, and a consistent unit of account.

Why Ethereum matters

Ethereum is the deepest, most connected onchain financial ecosystem. Its shared ERC-20 standard connects wallets, exchanges, custody platforms, payment applications, and DeFi protocols through a common interface. Ethereum currently accounts for more than half of global stablecoin supply and roughly 65% of DeFi TVL across blockchains, making it a core venue for programmable money and institutional tokenization.

For Metal Dollar, Ethereum is more than another deployment. It creates a familiar integration path for XMD across consumer and institutional infrastructure, and advances the goal of making a transparent, reserve-backed digital dollar available across the world’s leading blockchain networks. Individual integrations, liquidity venues, and product availability still require separate verification.

How XMD works on Ethereum

XMD brings supported reserve assets together in a single digital dollar. Its mint-and-redeem model lets users deposit an approved basket asset to mint XMD 1:1, or redeem XMD into a supported reserve asset. Review the assets and network available in the app before starting a transaction.

Mint XMD: Select a supported reserve asset, enter the amount to mint, review the fees and expected XMD output, then confirm the transaction.

The reserve basket on Ethereum

At launch, the Ethereum app supports four reserve assets for minting and redeeming XMD. Each brings a different issuer, distribution network, and role in the digital-dollar market.

USDC — USD Coin

Issued by Circle, USDC is a fully reserved digital dollar redeemable 1:1 for U.S. dollars. Its broad support across wallets, exchanges, payments, and DeFi gives the basket access to one of the most widely integrated stablecoins. Learn about USDC.

PYUSD — PayPal USD

Issued by Paxos for PayPal, PYUSD is a fully backed stablecoin designed for payments. It connects the basket with PayPal’s consumer payments ecosystem and a growing range of blockchain applications. Learn about PYUSD.

USDP — Pax Dollar

Issued by Paxos, USDP is backed by cash and cash equivalents and redeemable 1:1 for U.S. dollars. It is built for always-on settlement across exchanges, wallets, and decentralized applications. Learn about USDP.

RLUSD — Ripple USD

Issued by Standard Custody, RLUSD is backed by highly liquid reserves held in segregated accounts. It is designed with institutional payments, compliance, and transparent reserve reporting in mind. Learn about RLUSD.

Supported assets and availability may change. Confirm the current basket in the official Metal Dollar app before starting a transaction.

Network availability and reserve composition are related but distinct. Ethereum describes where XMD can move; the treasury shows the assets and activity supporting it. Review the public treasury interfaces for XPR Network and Ethereum.

The XMD token contract on Ethereum

Token symbols are not unique identifiers. Anyone can deploy a token and label it XMD, so the symbol alone is not proof that a contract is authentic. Before using XMD on Ethereum, users should confirm the contract address through official Metal Dollar channels, check that the connected wallet is on the intended network, and review the application or venue they plan to use.

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Built for a multi-network future

Metal Dollar is growing from a single-network asset into multi-network digital dollar infrastructure. XMD is now available on XPR Network and Ethereum, bringing its reserve-backed model to two distinct onchain ecosystems.

Ethereum places XMD inside the world’s largest DeFi and stablecoin ecosystem, where wallets, exchanges, payment applications, tokenized assets, and institutional infrastructure are already converging. This launch establishes a foundation for broader adoption while keeping the focus clear: transparent reserves, defined issuance and redemption, and practical access across leading networks.

Redeem XMD: Enter the amount of XMD to redeem, select the reserve asset to receive, review the fees and expected output, then confirm the transaction. Balances and fees shown are examples and may change.

Mint or redeem XMD on Ethereum through the official Metal Dollar app.