Meridian Treasury

What the token is

One MERT is one share in a fund that holds US Treasury bills with one to six months left to run. Yield accrues into the share price rather than being paid out, so the token count in your wallet never changes and the number you book is the NAV.

Redemption is same-day up to $5M and T+2 above it. Both numbers are in the offering memorandum, and both are what the issuer told us they have actually honored since launch.

Who holds the bills

Harbourline Trust Company, as custodian, in an account in the fund’s name. The fund is a BVI segregated portfolio company, so the assets behind MERT sit in their own portfolio and are not reachable by creditors of the other portfolios. We read the constitutional documents rather than taking the website’s word for that.

The custodian sends a holdings statement monthly. We have twelve of them, and each one reconciles to the NAV published on-chain that day to within a basis point.

What the issuer answered

Everything we asked. Ownership up to the ultimate beneficial owners, the administrator’s appointment letter, the redemption log for the last eighteen months, and the FY2025 audit with an unqualified opinion from Danforth & Vale.

The one answer that took two rounds was the fee waterfall. The first version described a management fee only. The memorandum also carries a 10% performance fee above the 3-month bill rate, and the issuer confirmed it when we pointed at the clause.

What is still open

Nothing that blocks an underwriting, but two things you should watch. The fund has one custodian and no stated plan for a second, and the audit covers the fund rather than the token contract. The contract has one third-party review, from May 2024, which predates the Avalanche deployment.