Dear Investors, Partners and Friends of Metallicus,

Q2 2026 was a quarter of expansion and alignment across Metallicus. We continued building the digital-asset banking infrastructure we believe regulated institutions will need, while also broadening the number of ways that the ecosystem can reach the market. More specifically, we are increasingly focused on how our technology stack can help banks and credit unions improve deposit retention by giving them modern wallet, payments, stablecoin, and digital-asset capabilities without pushing customer relationships outside the institution. The clearest company-level example in Q2 was the launch of Innovation Program 2.0 with CrossState Credit Union Association, beginning with an initial cohort of 50 credit unions exploring stablecoins, digital identity, blockchain infrastructure, and faster payments.

At the product level, we made meaningful progress on the systems that support long-term deployment. Metal Pay enterprise integration work moved into clearer execution phases, passkeys improved account access, and WebAuth advanced into a more polished multi-network wallet experience with its first major Connect UI/UX refresh in nearly five years. Across the broader stack, Metal Blockchain continued strengthening its validator footprint and PulseVM roadmap, Metal L2 established a clearer long-term direction through the Homecoming proposal, and Metal Dollar moved closer to broader distribution with governance approval for Ethereum expansion and Q3 launch preparation.

Q2 also reinforced that our strategy is not limited to shipping isolated features. LOAN Protocol crossed $500 million total lent, demonstrating real utility across our DeFi infrastructure. Metal Dollar governance widened to consider additional basket assets such as MGUSD, FIDD, RLUSD and SOFID, supporting our view that the digital-dollar market is becoming more fragmented and more important at the same time. We believe Metallicus is well positioned to help simplify that fragmentation across wallets, payments, stablecoins, and onchain financial products.

Q2 also brought a stronger external signal for XPR Network. During the quarter, XPR landed in the top 40 blockchains by DeFi TVL and, at one point, overtook XRPL in the rankings. That kind of visibility matters because it reinforces that the ecosystem is not only shipping infrastructure, but also sustaining measurable onchain relevance.

Behind the scenes, we continued strengthening the operating foundation required to support institutional growth. Security testing, compliance work, licensing readiness, privacy, and SOC 2 efforts all remained active through the quarter. We also welcomed new team members and continued hiring in areas that support the next phase of product and infrastructure execution. As we move through the rest of the year, that institutional deposit-retention story will remain a central focus across our product, partnership, and go-to-market efforts.

Thank you for your continued support.

Marshall Hayner

Co-Founder & CEO

Read the full report → /Metallicus_2026_Q2