Metal DAO (MTL): What It Is, Uses and Risks

Metal DAO (MTL) is a utility token. Its main job is governance over Metal Dollar (XMD), a stablecoin, and it also gives holders trading discounts when they use the Metal Pay cash and crypto app. The project says MTL holders can vote on which stablecoins join the Metal Dollar basket and how each one is weighted, and on which stablecoin issuers, such as community banks or fintechs, are approved.

Metal Pay was developed and launched by Metallicus in 2016. The MTL token itself has no launch date in the data available here, so its origin should be checked against the project's own documents. Some search snippets describe Metal DAO as a token on the Metal platform, and others refer to a version of the token on Proton. These descriptions do not fully agree, so treat any single snippet with caution.

According to the project description, MTL does two things. First, it governs the Metal Dollar stablecoin. Future governance is described as covering proposals to add new stablecoins to the basket and to set their allocation ratios. Second, it gives tiered trading discounts on Metal Pay. The project states that Metal Pay customers who hold 10,000 or more MTL can pay 0% fees on cryptocurrency purchases.

The token is not described as a payment currency or a store of value. Its use depends on whether people hold it to vote, to qualify for fee benefits, or both. Any future powers listed in the project description are plans, and readers should confirm how they are implemented before relying on them. A governance token only matters in practice if the governance process is active and the stablecoin it controls is used.

At the time of writing, as of 2026-11-05, the data shows a price of about $0.26 per MTL, a market capitalisation of about $24.6 million, and a 24-hour trading volume of about $465,000. The token ranked 736th by market capitalisation on that date. Over the past seven days the price was roughly flat, with a change of about 0.07 percent. Over the past year it fell by about 34 percent.

The circulating and total supply are both listed as about 94.1 million tokens, with no fixed maximum. One search snippet gives a supply of about 93.4 million, which differs from the main data, so the figure may come from an earlier date. The all-time high was about $17.03 on 2018-06-20, and the all-time low was about $0.117 on 2020-03-12. These figures change constantly and are shown here for context only.

The data here does not name a native chain or a chain on which MTL is issued, and both fields are empty. The site groups MTL under Layer 2 tokens, and CoinGecko lists it under Smart Contract Platform, Layer 2 (L2) and Made in USA. These categories describe how the token is classified, not which blockchain it runs on.

Public reporting points in different directions. One describes MTL as being on the Proton network under the name XMT. Another describes Metal as built on Ethereum. A third covers Metal Blockchain, which has its own native token called METAL and is separate from MTL. Readers should check the contract address and network on a reputable explorer or the project's official documentation before buying or moving the token, since sending it to the wrong network can result in lost funds.

Governance tokens carry several risks. The value of MTL depends on the Metal Dollar and Metal Pay continuing to be used, and the project's stated future powers may not arrive as planned. Votes can be influenced by holders with large balances, and a stablecoin basket depends on the quality of the issuers and assets chosen. The token's price has fallen sharply from its 2018 peak, and trading volume is modest relative to market capitalisation, which can make prices move quickly.

To store MTL, use a wallet you control and that supports the correct network. Keep your recovery phrase offline and never share it. Be wary of unsolicited messages offering token swaps or claims. This page is for research only and is not investment advice. Do not treat the price or market data shown here as a reason to buy or sell.