Who is behind PulseVM
PulseVM is built by Metallicus, the team behind XPR Network and Metal Blockchain. For a bank or credit union, the question is not only whether the technology works but whether the company behind it already operates in regulated finance. Here is the public record.
The company
| Founded | 2015, by Marshall Hayner (CEO) and Glenn Mariën, who created PulseVM (source) |
| Based | United States |
| Networks | Core developer of XPR Network and Metal Blockchain, where PulseVM runs |
| Security controls | Announced a SOC 2 compliance audit by an independent third-party auditor in 2023 (source) |
Already on the Federal Reserve's instant payment rail
Metallicus completed the Federal Reserve's certification program and has supported live transactions on the FedNow Service since October 22, 2024, for sending, receiving and liquidity management (source). In March 2026 it added Request for Payment certification, so credit unions can send biller-presented payment requests over FedNow (source).
That matters for PulseVM in two ways. The team already runs infrastructure inside the US payment system. And a PulseVM network does not have to choose between on-chain money and instant interbank payments: net positions between institutions can settle over FedNow.
Working with credit unions today
- Cornerstone League. In October 2025 the league, which represents more than 600 credit unions across five states, partnered with Metallicus to give its members the Metallicus Stablecoin Pilot: a controlled sandbox with simulated reserves where a credit union can design, test and run its own branded stablecoin before production, at no cost as a member benefit (source).
- Metal Blockchain Banking Innovation Program. Credit unions and associations work with Metallicus through workshops, research and development grants and custom builds on digital identity, private networks and tokenization. Participants include Vibrant Credit Union (2024), Directions Credit Union (2025) and the MD|DC Credit Union Association.
What this is, and what it is not
These are relationships with Metallicus and Metal Blockchain. They are not PulseVM production deployments. PulseVM itself is at test-network stage, and institutions start with a pilot.
Metal Dollar
Metal Dollar (XMD) is Metallicus' reserve-backed stablecoin index: a smart-contract basket of regulated dollar stablecoins, which can be minted or redeemed 1:1 against the stablecoins in the basket (source). It is separate from the tokenized deposits an institution issues on its own PulseVM network, which remain that institution's liability.