Summary

Deploy the full Metal Dollar system on Ethereum — the XMD token, minting, redemption, and reserves. Users deposit supported stablecoins (USDC, PYUSD, USDP, RLUSD) and receive XMD directly on Ethereum. No bridge required. All reserves held natively on Ethereum.

Why Ethereum

Ethereum is the home of DeFi with over $164B in stablecoin supply. Every asset in the XMD basket — USDC, PYUSD, USDP and RLUSD — originates on Ethereum, meaning reserves are held as native assets with no bridging risk.

Deploying on Ethereum gives Metal Dollar access to the protocols where stablecoins are most actively used. XMD can be listed on Curve and Uniswap for DEX liquidity, supplied to lending markets like Aave and Morpho, and composed into yield strategies across the ecosystem. These integrations dramatically increase XMD's utility and visibility beyond what Metal L2 alone can offer.

Ethereum also has the deepest exchange infrastructure. Binance, Coinbase, Bithumb, and other major exchanges all support Ethereum ERC-20 tokens natively, making XMD easier to list and more accessible to users worldwide.

This deployment is independent of any Metal L2 infrastructure decisions and can proceed immediately.

Governance

XMD basket composition remains governed by MTL holders. Adding new stablecoins to the basket still requires governance approval. Mint and redeem fee parameters are configurable via governance. Nothing changes about how Metal Dollar works — it just becomes available on Ethereum with its own reserves.