METAL DOLLAR OPERATING MODEL
From reserve asset to XMD, and back again.
Metal Dollar is a reserve-backed stablecoin index. Supported digital-dollar assets enter a smart-contract-managed treasury, XMD is minted at a 1:1 rate, and holders can redeem XMD into an available supported reserve asset.
THE XMD LIFECYCLE
Reserve asset
Mint XMD
Use XMD
Redeem
THE XMD LIFECYCLE
Four actions. One visible reserve relationship.
The process begins and ends with supported reserve assets. Market pricing is not used to determine the protocol mint or redemption rate.
01
Deposit
Choose an available supported reserve asset and transfer it into the Metal Dollar treasury through the mint interface.
02
Mint
The protocol issues an equivalent amount of XMD at a 1:1 rate after the reserve transfer is authorized.
03
Use
Hold, transfer, or use XMD across supported applications and networks where XMD is available.
04
Redeem
Return XMD to the treasury and select an available supported reserve asset for redemption at a 1:1 rate.
OPERATIONAL CLARITY
Minting and redemption are different from trading.
Trading exchanges assets at a market price. Metal Dollar minting and redemption exchange XMD and an available supported reserve asset at a defined 1:1 rate through the treasury. Availability, account verification, network support, and transaction requirements still apply.
01
No AMM is required for protocol minting or redemption
02
Treasury activity is visible on-chain
03
Supported assets and parameters can change through governance
FREQUENTLY ASKED QUESTIONS
Useful answers, without the black box.
What backs XMD?
XMD is backed by supported digital-dollar reserve assets held in the Metal Dollar treasury. Current treasury activity and asset balances can be inspected on-chain.
Is minting the same as buying XMD?
No. Minting exchanges an available supported reserve asset for newly issued XMD at a 1:1 rate. Buying or trading XMD on a market is a separate transaction governed by available liquidity and market pricing.
Can I choose the asset I receive when redeeming?
The redemption interface shows which supported reserve assets are available. Treasury balances, account requirements, and other operational conditions may affect availability.