M Exchange is the single controlled gateway for funds entering and leaving the Meridian ecosystem. This page sells nothing and operates nothing — it lays out the evidence: how rates are set, how reserves are reconciled, and why every unit of value can prove where it came from.
What it does
Funds enter and leave the ecosystem in exactly one place. Three channels arrive in sequence — and every one of them passes the same admission checks. There is no second door, and no side door.
Residents holding USDT or USDC transfer funds to a deposit address issued in their own name. After source screening, the funds convert to USDM, the ecosystem's settlement asset — usable the same day, redeemable back along the same route at any time.
USDT/USDC → named address → screening → USDM
Family abroad open a verified identity by invitation and send money home along the same channel. Where traditional corridors typically charge 6–8%, this rail brings sending money home close to free.
Family abroad → the same door → instant arrival at home
Bank and payment-provider rails follow as regulatory arrangements mature. They change nothing structural — the same door, the same screening, the same single ledger.
Banks / PSPs → (later) → the same door
This section describes mechanisms; it is not an offer of services. Opening dates and conditions for each channel will be set out in formal announcements.
How it works
From external asset to settlement asset, every step has a clear owner, a clear check, and a verifiable record. There is no anonymous way in — and no unexplained way out.
ETH or TRON, in the app
Bound one-to-one to identity
Arrived — not yet admitted
Provenance · sanctions · limits
Whitelists and multi-sig
Minted against reserves, burned on redemption
Verifiable even offline
One road out: USDM is burned, reserves released in equal measure, and funds return only to the address they came from — in through one door, out along the same road.
“Arrived ≠ admitted” — the heart of this design: the named address is a security checkpoint. Funds never touch the reserve pool, and never become USDM, until screening clears. Every unit in the pool has passed the same gate.
On redemption, USDM is burned, reserves are released in equal measure, and the funds return only to the address they originally came from. No third-party payouts, no switching pockets — in through one door, out along the same road. The rule protects holders, and it closes every fund's journey into a single auditable chain of evidence.
Transparency panel
Once live, this panel will publish actual rates, issuance figures and reserve attestations on a regular schedule. Everything shown today is a mechanism illustration — no data, no quote, no commitment.
Every unit of USDM is backed by equal reserves, held in segregated, per-asset pools — never commingled.
How it's verified ↓Minted against reserves, burned on redemption — over-issuance is ruled out by mechanism, not by promise.
The minting path ↑Issued periodically by an independent party and published alongside this panel, open to anyone.
Verification ↓| Channel | Rate | Fee |
|---|---|---|
| Pledge & convert | 1 : 1 | 0.3% (launch 0) |
| Redemption | 1 : 1 | 0.5% (launch 0.2%) |
| Local-currency swap | published | ≤ 0.1% |
One elastic rule: listed standard − launch waiver = amount charged, itemised on every receipt. A waiver ending is not a price increase. Figures are illustrative.
Any receipt can be independently verified — including fully offline.
How verification works ↓Exits go back only to the address funds arrived from — a closed, auditable loop.
The framework ↓Three-way reconciliation pledge: every day, three numbers must agree — reserve pool balance = total issuance = the sum of on-chain balances. Any discrepancy triggers an alert and freezes issuance. Independent reserve attestations are published alongside this panel.
Verifiable
Independent verification service · opens with the pilot
Every significant event in the ecosystem — a payment, a deposit, a redemption, a signed agreement — produces a receipt anchored to the ledger. Anyone holding a receipt file can verify it, including fully offline: everything needed for verification travels inside the receipt itself. No reliance on our servers being up.
Trust that doesn't depend on taking our word for it. The verification service will live on its own independent domain, separate from any business page — it answers exactly one question: is this document genuine?
Compliance framework
The system is designed for regulatory legibility — funds attributable, paths auditable, exits predictable.
Funds enter and leave through M Exchange alone. With no second external interface, a regulator only ever has to watch one door.
Deposit addresses are issued against verified identities, bound one-to-one. Identity precedes the address; the address precedes the funds — anonymous money is excluded by structure, not chased after the fact.
Exits go back only to the address funds arrived from. In and out form a closed loop, and every fund's life cycle becomes one continuous, auditable chain of evidence.
Hub-and-spoke: every conversion in the ecosystem routes through USDM. Each jurisdiction's local digital currency circulates only within its own closed loop and never touches an external asset directly — and its issuance and pause levers stay in the sovereign's own hands.
During the pilot, settlement assets are not listed on external exchanges and cannot be sent to third-party external addresses.
Each asset's reserves are held and reconciled separately — never commingled.
Personal data never goes on-chain; the ledger holds only addresses and amounts.
No interface exists — for anyone, including government — to browse a resident's full transaction history. That is structure, not a promise.
Partners
A gateway needs counterparts on the other side. We are opening conversations with two kinds of institutions.
Licensed money-transfer operators: plug your fiat front door into these rails, and let your customers reach their families at a tenth of today's cost.
[email protected]Custodians, auditors and compliance providers: reserve custody, reserve attestation and source screening are the external pillars of this transparency commitment.
[email protected]FAQ
Because it never asks you to take anyone's word: the rates hang on the wall, the reserves sit on the ledger, and every receipt can prove itself. Transparency here is not a posture — it is the structure.
