Dear Investors, Partners, and Friends of Metallicus,
As we close out 2025, it is clear that this year has marked a transition point for Metallicus, from building foundational infrastructure to actively validating its role in real-world financial systems.
In Q3, we saw strong momentum across our stablecoin pilot program and broader ecosystem. In Q4, that momentum translated into deeper execution. Institutions moved beyond initial exploration and began actively testing workflows, evaluating integration pathways, and preparing for what comes next. This shift from curiosity to operational engagement, is one of the most important indicators of long-term adoption.
The Banking Innovation Program continued to expand during the quarter, with additional credit unions joining the stablecoin pilot and contributing to a more diverse and representative cohort of institutions. More importantly, existing participants advanced their internal understanding of how blockchain infrastructure can support payments, treasury operations, and member-facing services in a compliant environment.
Across the product stack, we continued to strengthen the underlying systems required to support this transition. From performance improvements in Metal Blockchain, to expanded lending capabilities on Metal X, to onboarding and usability enhancements in WebAuth, each layer of the ecosystem moved forward in a coordinated way. These are not isolated product updates, but parts of a broader system being built to support regulated, institution-driven digital finance.
We are also seeing clearer external validation. XPR Network’s growth in total value locked, increased visibility across market data platforms, and early real-world integrations on Metal L2 all point to an ecosystem that is not only growing, but becoming more relevant. These signals matter because they reflect actual usage and engagement, not just roadmap progress.
At the same time, we have continued to invest heavily in compliance, security, and operational infrastructure. As digital assets move further into regulated environments, the ability to operate with transparency, reliability, and alignment with regulatory expectations becomes a defining factor. This remains a core focus for our team.
Looking ahead to 2026, our priorities are clear. We will continue advancing institutions from pilot environments toward production readiness, expand integration pathways across the financial ecosystem, and further strengthen the infrastructure that supports compliant, blockchain-based financial services.
We have always believed that blockchain should work alongside existing financial systems, not replace them. What we are now seeing is the early validation of that vision - institutions engaging directly, testing real use cases, and preparing for broader deployment.
The work is not finished, but the direction is clear.
To our partners, developers, and community, thank you for your continued support.
Marshall Hayner
Co-Founder & CEO
Read the full report → /Metallicus_2025_Q4
