Mars Ecosystem
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Minting / Redeeming / Mintage Control


USDm is generated through the contracts minting mechanism. Users can get 1
USDm by placing $1
worth of any Mars Treasury whitelist assets into the Mars Treasury at any time.


USDm is destroyed through the contract redemption mechanism. Users receive $1
worth of Mars Ecosystem token
(XMS) by returning 1 USDm into Mars Treasury at any time.

Mintage Control

The maximum circulating supply of USDm is determined & controlled by the market cap of XMS.
Every 3 minutes, the system calculates the average market cap of XMS over the prior 3 minutes and divides this average market cap by a parameter called the
XMS Support Ratio. This number represents the USDm supply that XMS can provide enough support to and hence sets the upper limit of “Users-owned USDm”.
In addition to “Users-owned USDm”, the Mars Treasury also mints and controls some USDm in order to provide liquidity for USDm. These USDm are called “Treasury-owned USDm”.
To be precise, the maximum USDm that a user can mint satisfies the following formula:
USDm circulating supply (after mint) <= USDm Supply Cap
USDm Supply Cap = XMS average market cap in the last 3 minutes / XMS Support Ratio + Treasury-owned USDm
For example, assuming that the average market cap of XMS in the past 3 minutes is 250 million USD, the XMS Support Ratio is 250%, and the Treasury-owned USDm is 5 million, then the USDm Supply Cap is 105 million. In the next 3 minutes, users can only mint USDm up to 100 million. If the current USDm circulating supply is 50 million, users can only mint 50 million new USDm at most as this would lead to the circulating supply of USDm to reach the USDm Supply Cap of 105 million.
After 3 minutes, if the average market cap of XMS over the prior 3 minutes is 275 million USD, the USDm Supply Cap will be 115 million, and the maximum circulating supply of USDm increases.
The XMS Support Ratio will be set at 250% at launch, and this ratio will gradually increase in the future.