XMD is Metallicus's basket-backed dollar token on XPR Network, reserved by USDC, PYUSD, and Paxos-dollar stablecoins managed by the issuer. The static profile records its US Dollar peg mechanism as: Basket-backed stablecoin index on XPR Network, with mint and redeem flows intended to keep XMD near one U.S. dollar against the underlying stablecoin basket.

As of Nov 8, 2026, Pharos grades XMD C+ (61/100) on its Safety Score. Pharos's reviews record that admin controls such as a pause or an upgradeable contract exist, though no power to freeze a specific holder was found, and direct redemption is limited to whitelisted primary-market participants. That is a middle-band grade: it meets baseline expectations but carries meaningful weaknesses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.

Pharos records XMD's reserves as of Aug 20, 2026 as 96.2% XUSDC (bridge-wrapped USDC) held by the xmd.treasury contract and 3.8% MPD (Metallicus-issued mpd.token dollar token) held by the xmd.treasury contract. Reserve evidence: live reserve feed configured. Pharos classifies the backing as Crypto-Collateralized.

Based on tracked contract metadata and blacklist coverage, admin controls such as a global pause or an upgradeable contract are recorded, but the review found no active power to freeze or seize a specific holder's balance on material deployments.

Under the route Pharos reviewed on Oct 20, 2026, whitelisted primary-market participants can redeem XMD for an unresolved output asset. Redemption settles atomically on-chain. The reviewed terms charge no percentage redemption fee. Whether a given holder qualifies is set by the route's own terms, not by this summary.