diff --git a/config/settlement-middleware.v1.json b/config/settlement-middleware.v1.json
index cfb3e39..624e8f7 100644
--- a/config/settlement-middleware.v1.json
+++ b/config/settlement-middleware.v1.json
@@ -30,6 +30,9 @@
     "glM0": "1050",
     "glM1": "2100",
     "glM2": "2200",
+    "glM3": "2300",
+    "glM4NearMoney": "1000",
+    "glM4Contingent": "1410",
     "glSettlement": "1000"
   },
   "production": {
diff --git a/frontend-dapp/src/features/central-bank/CentralBankDashboard.tsx b/frontend-dapp/src/features/central-bank/CentralBankDashboard.tsx
index 889210d..2ccde1a 100644
--- a/frontend-dapp/src/features/central-bank/CentralBankDashboard.tsx
+++ b/frontend-dapp/src/features/central-bank/CentralBankDashboard.tsx
@@ -32,7 +32,15 @@ export default function CentralBankDashboard() {
 
     externalId?: string;
 
-    settlement?: { moneyLayers?: string[]; glM0?: string; glM1?: string; glM2?: string };
+    settlement?: {
+      moneyLayers?: string[];
+      glM0?: string;
+      glM1?: string;
+      glM2?: string;
+      glM3?: string;
+      glM4NearMoney?: string;
+      glM4Contingent?: string;
+    };
 
   } | null;
 
@@ -118,7 +126,7 @@ export default function CentralBankDashboard() {
 
 
 
-      <div className="grid grid-cols-1 sm:grid-cols-2 lg:grid-cols-4 gap-4 mb-8">
+      <div className="grid grid-cols-1 sm:grid-cols-2 lg:grid-cols-3 gap-4 mb-8">
 
         <DashboardStatCard label="M0 reserve" value={formatUsd(cb.moneySupply?.M0?.gl1050)} hint={`GL 1050 · ${cb.moneySupply?.M0?.backingRatio ?? 1.2}× backing policy`} accent="blue" icon="ledger" />
 
@@ -126,6 +134,10 @@ export default function CentralBankDashboard() {
 
         <DashboardStatCard label="M2 broad money" value={formatUsd(cb.moneySupply?.M2?.broadMoney)} hint="GL 2200 · token-load source" accent="gold" icon="rocket" />
 
+        <DashboardStatCard label="M3 token liabilities" value={formatUsd(cb.moneySupply?.M3?.tokenLiabilities)} hint="GL 2300 · on-chain mint liability" accent="gold" icon="rocket" />
+
+        <DashboardStatCard label="M4 near money" value={formatUsd(cb.moneySupply?.M4?.nearMoney)} hint="GL 1000 + 1410 + in-flight SWIFT" accent="blue" icon="rail" />
+
         <DashboardStatCard label="Due from head office" value={formatUsd(cb.moneySupply?.interoffice?.dueFromHeadOffice)} hint="GL 1410 · inter-office receivable" accent="blue" icon="rail" />
 
       </div>
@@ -208,7 +220,7 @@ export default function CentralBankDashboard() {
 
           <div className="flex flex-wrap gap-2 mb-4">
 
-            {(office?.settlement?.moneyLayers ?? ['M0', 'M1', 'M2']).map((layer) => (
+            {(office?.settlement?.moneyLayers ?? ['M0', 'M1', 'M2', 'M3', 'M4']).map((layer) => (
 
               <span key={layer} className="nasa-badge nasa-badge--caution">{layer}</span>
 
@@ -224,6 +236,10 @@ export default function CentralBankDashboard() {
 
             <div className="dash-kv"><dt>M2 broad</dt><dd>GL {office?.settlement?.glM2 ?? '2200'}</dd></div>
 
+            <div className="dash-kv"><dt>M3 token liability</dt><dd>GL {office?.settlement?.glM3 ?? '2300'}</dd></div>
+
+            <div className="dash-kv"><dt>M4 near money</dt><dd>GL {office?.settlement?.glM4NearMoney ?? '1000'} + {office?.settlement?.glM4Contingent ?? '1410'}</dd></div>
+
             <div className="dash-kv"><dt>Inter-office (HO)</dt><dd>GL 1410</dd></div>
 
           </dl>
diff --git a/frontend-dapp/src/features/central-bank/useCentralBank.ts b/frontend-dapp/src/features/central-bank/useCentralBank.ts
index 0fcfaee..a034c91 100644
--- a/frontend-dapp/src/features/central-bank/useCentralBank.ts
+++ b/frontend-dapp/src/features/central-bank/useCentralBank.ts
@@ -10,6 +10,8 @@ export type MoneySupply = {
   M0?: { gl1050?: string; backingRatio?: number };
   M1?: { circulating?: string; gl2100?: string };
   M2?: { broadMoney?: string; gl2200?: string; metaFiatPending?: string };
+  M3?: { tokenLiabilities?: string; gl2300?: string };
+  M4?: { nearMoney?: string; gl1000?: string; glContingent?: string; inFlightSwift?: string };
 };
 
 async function fetchJson<T>(url: string): Promise<T | null> {
diff --git a/frontend-dapp/src/features/office24/Office24Dashboard.tsx b/frontend-dapp/src/features/office24/Office24Dashboard.tsx
index 80e4fe9..5804c2a 100644
--- a/frontend-dapp/src/features/office24/Office24Dashboard.tsx
+++ b/frontend-dapp/src/features/office24/Office24Dashboard.tsx
@@ -116,15 +116,19 @@ export default function Office24Dashboard() {
 
 
 
-      <div className="grid grid-cols-1 sm:grid-cols-2 lg:grid-cols-4 gap-4 mb-8">
+      <div className="grid grid-cols-1 sm:grid-cols-2 lg:grid-cols-3 gap-4 mb-8">
 
         <DashboardStatCard label="Office ID" value={String(profile?.officeId ?? 24)} hint="Fineract office · HOSPITALLERS Ali" accent="green" icon="office" />
 
         <DashboardStatCard label="M1 circulating" value={formatUsd(moneySupply?.M1?.circulating)} hint="GL 2100 · spendable M1 liability" accent="green" icon="money" />
 
-        <DashboardStatCard label="Due from head office" value={formatUsd(moneySupply?.interoffice?.dueFromHeadOffice)} hint="GL 1410 · HO allocation receivable" accent="blue" icon="rail" />
+        <DashboardStatCard label="M2 broad money" value={formatUsd(moneySupply?.M2?.broadMoney)} hint="GL 2200 · fiat backing for tokens" accent="gold" icon="money" />
 
-        <DashboardStatCard label="M2 tokens" value={String(tokens.length)} hint="Registered · swap · convert · transfer" accent="gold" icon="rocket" />
+        <DashboardStatCard label="M3 token liabilities" value={formatUsd(moneySupply?.M3?.tokenLiabilities)} hint="GL 2300 · on-chain mint liability" accent="gold" icon="rocket" />
+
+        <DashboardStatCard label="M4 near money" value={formatUsd(moneySupply?.M4?.nearMoney)} hint="GL 1000 + 1410 + in-flight SWIFT" accent="blue" icon="rail" />
+
+        <DashboardStatCard label="M2 tokens registered" value={String(tokens.length)} hint="Registered · swap · convert · transfer" accent="gold" icon="rocket" />
 
       </div>
 
diff --git a/frontend-dapp/src/features/omnl-dashboard/FineractLedgerBanner.tsx b/frontend-dapp/src/features/omnl-dashboard/FineractLedgerBanner.tsx
index 8555f39..1429a12 100644
--- a/frontend-dapp/src/features/omnl-dashboard/FineractLedgerBanner.tsx
+++ b/frontend-dapp/src/features/omnl-dashboard/FineractLedgerBanner.tsx
@@ -1,99 +1,198 @@
-import type { MoneySupply } from '../central-bank/useCentralBank';

-import NasaIcon from '../../components/icons/NasaIcon';

-

-type Props = {

-  moneySupply: MoneySupply | null;

-  loading?: boolean;

-  officeName?: string;

-};

-

-function formatAsOf(asOf?: string) {

-  if (!asOf) return null;

-  return asOf.slice(0, 19).replace('T', ' ') + ' UTC';

-}

-

-function BannerIcon({ variant }: { variant: 'ok' | 'warn' | 'error' | 'loading' }) {

-  const map = {

-    ok: { name: 'check' as const, className: 'nasa-icon--nominal' },

-    warn: { name: 'alert' as const, className: 'nasa-icon--caution' },

-    error: { name: 'x' as const, className: 'nasa-icon--critical' },

-    loading: { name: 'loading' as const, className: 'nasa-icon--telemetry nasa-icon--spin' },

-  };

-  const { name, className } = map[variant];

-  return <NasaIcon name={name} size={18} className={`shrink-0 mt-0.5 ${className}`} />;

-}

-

-export default function FineractLedgerBanner({ moneySupply, loading, officeName }: Props) {

-  if (loading && !moneySupply) {

-    return (

-      <div className="dash-banner dash-banner--loading mb-6">

-        <BannerIcon variant="loading" />

-        <div>

-          <p className="dash-banner__title">Loading live ledger balances</p>

-          <p className="dash-banner__detail">Fetching Fineract data for Office 24</p>

-        </div>

-      </div>

-    );

-  }

-

-  if (!moneySupply) {

-    return (

-      <div className="dash-banner dash-banner--warn mb-6">

-        <BannerIcon variant="warn" />

-        <div>

-          <p className="dash-banner__title">Ledger data not available</p>

-          <p className="dash-banner__detail">

-            The money-supply API did not respond. Check settlement middleware on port 3011.

-          </p>

-        </div>

-      </div>

-    );

-  }

-

-  const asOf = formatAsOf(moneySupply.asOf);

-  const officeLabel = officeName ?? `Office ${moneySupply.officeId ?? 24}`;

-

-  if (moneySupply.fineractConnected === false) {

-    return (

-      <div className="dash-banner dash-banner--error mb-6">

-        <BannerIcon variant="error" />

-        <div>

-          <p className="dash-banner__title">Fineract offline</p>

-          <p className="dash-banner__detail">

-            Cannot reach Fineract for {officeLabel}. Verify OMNL_FINERACT_* credentials on the

-            settlement service.

-          </p>

-        </div>

-      </div>

-    );

-  }

-

-  if (moneySupply.fineractConnected && !moneySupply.fineractLive) {

-    return (

-      <div className="dash-banner dash-banner--warn mb-6">

-        <BannerIcon variant="warn" />

-        <div>

-          <p className="dash-banner__title">Fineract connected — opening journal pending</p>

-          <p className="dash-banner__detail">

-            {officeLabel} has no M1 allocation yet. Post the opening entry: Debit GL 1410 (Due from

-            Head Office) · Credit GL 2100 (M1 liabilities).

-            {asOf ? ` · Checked ${asOf}` : ''}

-          </p>

-        </div>

-      </div>

-    );

-  }

-

-  return (

-    <div className="dash-banner dash-banner--ok mb-6">

-      <BannerIcon variant="ok" />

-      <div>

-        <p className="dash-banner__title">Live Fineract ledger · {officeLabel}</p>

-        <p className="dash-banner__detail">

-          M0 / M1 / M2 balances below are read from Fineract in real time.

-          {asOf ? ` Last updated ${asOf}.` : ''}

-        </p>

-      </div>

-    </div>

-  );

-}

+import type { MoneySupply } from '../central-bank/useCentralBank';
+
+import NasaIcon from '../../components/icons/NasaIcon';
+
+
+
+type Props = {
+
+  moneySupply: MoneySupply | null;
+
+  loading?: boolean;
+
+  officeName?: string;
+
+};
+
+
+
+function formatAsOf(asOf?: string) {
+
+  if (!asOf) return null;
+
+  return asOf.slice(0, 19).replace('T', ' ') + ' UTC';
+
+}
+
+
+
+function BannerIcon({ variant }: { variant: 'ok' | 'warn' | 'error' | 'loading' }) {
+
+  const map = {
+
+    ok: { name: 'check' as const, className: 'nasa-icon--nominal' },
+
+    warn: { name: 'alert' as const, className: 'nasa-icon--caution' },
+
+    error: { name: 'x' as const, className: 'nasa-icon--critical' },
+
+    loading: { name: 'loading' as const, className: 'nasa-icon--telemetry nasa-icon--spin' },
+
+  };
+
+  const { name, className } = map[variant];
+
+  return <NasaIcon name={name} size={18} className={`shrink-0 mt-0.5 ${className}`} />;
+
+}
+
+
+
+export default function FineractLedgerBanner({ moneySupply, loading, officeName }: Props) {
+
+  if (loading && !moneySupply) {
+
+    return (
+
+      <div className="dash-banner dash-banner--loading mb-6">
+
+        <BannerIcon variant="loading" />
+
+        <div>
+
+          <p className="dash-banner__title">Loading live ledger balances</p>
+
+          <p className="dash-banner__detail">Fetching Fineract data for Office 24</p>
+
+        </div>
+
+      </div>
+
+    );
+
+  }
+
+
+
+  if (!moneySupply) {
+
+    return (
+
+      <div className="dash-banner dash-banner--warn mb-6">
+
+        <BannerIcon variant="warn" />
+
+        <div>
+
+          <p className="dash-banner__title">Ledger data not available</p>
+
+          <p className="dash-banner__detail">
+
+            The money-supply API did not respond. Check settlement middleware on port 3011.
+
+          </p>
+
+        </div>
+
+      </div>
+
+    );
+
+  }
+
+
+
+  const asOf = formatAsOf(moneySupply.asOf);
+
+  const officeLabel = officeName ?? `Office ${moneySupply.officeId ?? 24}`;
+
+
+
+  if (moneySupply.fineractConnected === false) {
+
+    return (
+
+      <div className="dash-banner dash-banner--error mb-6">
+
+        <BannerIcon variant="error" />
+
+        <div>
+
+          <p className="dash-banner__title">Fineract offline</p>
+
+          <p className="dash-banner__detail">
+
+            Cannot reach Fineract for {officeLabel}. Verify OMNL_FINERACT_* credentials on the
+
+            settlement service.
+
+          </p>
+
+        </div>
+
+      </div>
+
+    );
+
+  }
+
+
+
+  if (moneySupply.fineractConnected && !moneySupply.fineractLive) {
+
+    return (
+
+      <div className="dash-banner dash-banner--warn mb-6">
+
+        <BannerIcon variant="warn" />
+
+        <div>
+
+          <p className="dash-banner__title">Fineract connected — opening journal pending</p>
+
+          <p className="dash-banner__detail">
+
+            {officeLabel} has no M1 allocation yet. Post the opening entry: Debit GL 1410 (Due from
+
+            Head Office) · Credit GL 2100 (M1 liabilities).
+
+            {asOf ? ` · Checked ${asOf}` : ''}
+
+          </p>
+
+        </div>
+
+      </div>
+
+    );
+
+  }
+
+
+
+  return (
+
+    <div className="dash-banner dash-banner--ok mb-6">
+
+      <BannerIcon variant="ok" />
+
+      <div>
+
+        <p className="dash-banner__title">Live Fineract ledger · {officeLabel}</p>
+
+        <p className="dash-banner__detail">
+
+          M0–M4 balances below are read from Fineract in real time.
+
+          {asOf ? ` Last updated ${asOf}.` : ''}
+
+        </p>
+
+      </div>
+
+    </div>
+
+  );
+
+}
+
diff --git a/frontend-dapp/src/features/swap/DBISSwapPanel.tsx b/frontend-dapp/src/features/swap/DBISSwapPanel.tsx
index 0de2fab..aa4a1fe 100644
--- a/frontend-dapp/src/features/swap/DBISSwapPanel.tsx
+++ b/frontend-dapp/src/features/swap/DBISSwapPanel.tsx
@@ -191,6 +191,8 @@ export default function DBISSwapPanel() {
               <div className="text-xs space-y-2 font-mono">
                 <p>M1: {(swap.ledger as { fundLedger?: { M1?: { circulating?: string } } }).fundLedger?.M1?.circulating ?? '—'}</p>
                 <p>M2: {(swap.ledger as { fundLedger?: { M2?: { broadMoney?: string } } }).fundLedger?.M2?.broadMoney ?? '—'}</p>
+                <p>M3: {(swap.ledger as { fundLedger?: { M3?: { tokenLiabilities?: string } } }).fundLedger?.M3?.tokenLiabilities ?? '—'}</p>
+                <p>M4: {(swap.ledger as { fundLedger?: { M4?: { nearMoney?: string } } }).fundLedger?.M4?.nearMoney ?? '—'}</p>
                 {(swap.ledger as { cryptoLedger?: { balances?: Record<string, string> } }).cryptoLedger?.balances && (
                   <div className="mt-2 pt-2 border-t border-[#1e4a8a]">
                     <p className="text-[#7a9bb8] mb-1">Wallet balances</p>
@@ -209,8 +211,8 @@ export default function DBISSwapPanel() {
             )}
           </SidePanel>
 
-          <SidePanel title="M2 token load" icon="rocket">
-            <p className="text-xs text-[#7a9bb8] mb-3">GL 2200 → on-chain M2</p>
+          <SidePanel title="M2→M3 token load" icon="rocket">
+            <p className="text-xs text-[#7a9bb8] mb-3">GL 2200 → GL 2300 · on-chain M3</p>
             <input type="text" inputMode="decimal" placeholder="Fiat amount" value={swap.loadAmount} onChange={(e) => swap.setLoadAmount(e.target.value)} className="nasa-input mb-2 text-sm" />
             <button type="button" className="nasa-btn nasa-btn--primary w-full text-xs" disabled={swap.loading || !swap.isConnected || !swap.loadAmount} onClick={() => swap.loadM2Token()}>
               Load {swap.tokenOut.symbol}
diff --git a/packages/settlement-core/dist/money-supply.d.ts b/packages/settlement-core/dist/money-supply.d.ts
index 753c55f..911355e 100644
--- a/packages/settlement-core/dist/money-supply.d.ts
+++ b/packages/settlement-core/dist/money-supply.d.ts
@@ -1,19 +1,22 @@
 import type { MoneyLayer, MoneySupplySnapshot } from './types';
-/** IPSAS GL mapping for OMNL central-bank money aggregates */
+/** IPSAS GL mapping for OMNL central-bank money aggregates M0–M4 */
 export declare const GL_CODES: {
     readonly M0_RESERVE: "1050";
     readonly M1_LIABILITY: "2000";
     readonly M1_CIRCULATING: "2100";
     readonly M2_BROAD: "2200";
+    readonly M3_TOKEN_LIABILITY: "2300";
     readonly SETTLEMENT_SUSPENSE: "1000";
     readonly TRADE_FINANCE_CONTINGENT: "1410";
     readonly CRYPTO_TOKEN_LIABILITY: "2300";
 };
-/** Policy caps from hybx-omnl-policy (1.2× M0 reserve → M1 capacity; 5× M1 → M2 broad) */
+/** Policy caps: M0→M1 (1.2×), M1→M2 (5×), M2→M3 token mint, M4 near-money rail */
 export declare const POLICY: {
     readonly M0_BACKING_MULTIPLIER: 1.2;
     readonly M1_CAP_MULTIPLIER: 5;
     readonly M2_META_FIAT_RAIL_CONVERSION: true;
+    readonly M3_MINT_FROM_M2: true;
+    readonly M4_NEAR_MONEY_RAIL: true;
 };
 export declare function aggregateMetaFiatLayers(layers: Partial<Record<MoneyLayer, string>>): {
     metaFiatTotal: string;
@@ -24,3 +27,10 @@ export declare function m2FiatToTokenLoadAmount(fiatAmount: string, m2Available:
     loadAmount: string;
     fullyBacked: boolean;
 };
+/** M3 on-chain token mint must not exceed outstanding M2 broad money backing. */
+export declare function m3TokenLoadAmount(requested: string, m2Broad: string, m3Outstanding: string): {
+    loadAmount: string;
+    fullyBacked: boolean;
+};
+/** All settlement layers M0–M4 for production routing. */
+export declare const ALL_MONEY_LAYERS: MoneyLayer[];
diff --git a/packages/settlement-core/dist/money-supply.js b/packages/settlement-core/dist/money-supply.js
index 42b169e..d3d279d 100644
--- a/packages/settlement-core/dist/money-supply.js
+++ b/packages/settlement-core/dist/money-supply.js
@@ -1,33 +1,39 @@
 "use strict";
 Object.defineProperty(exports, "__esModule", { value: true });
-exports.POLICY = exports.GL_CODES = void 0;
+exports.ALL_MONEY_LAYERS = exports.POLICY = exports.GL_CODES = void 0;
 exports.aggregateMetaFiatLayers = aggregateMetaFiatLayers;
 exports.buildMoneySupplySnapshot = buildMoneySupplySnapshot;
 exports.m2FiatToTokenLoadAmount = m2FiatToTokenLoadAmount;
-/** IPSAS GL mapping for OMNL central-bank money aggregates */
+exports.m3TokenLoadAmount = m3TokenLoadAmount;
+/** IPSAS GL mapping for OMNL central-bank money aggregates M0–M4 */
 exports.GL_CODES = {
     M0_RESERVE: '1050',
     M1_LIABILITY: '2000',
     M1_CIRCULATING: '2100',
     M2_BROAD: '2200',
+    M3_TOKEN_LIABILITY: '2300',
     SETTLEMENT_SUSPENSE: '1000',
     TRADE_FINANCE_CONTINGENT: '1410',
     CRYPTO_TOKEN_LIABILITY: '2300',
 };
-/** Policy caps from hybx-omnl-policy (1.2× M0 reserve → M1 capacity; 5× M1 → M2 broad) */
+/** Policy caps: M0→M1 (1.2×), M1→M2 (5×), M2→M3 token mint, M4 near-money rail */
 exports.POLICY = {
     M0_BACKING_MULTIPLIER: 1.2,
     M1_CAP_MULTIPLIER: 5,
     M2_META_FIAT_RAIL_CONVERSION: true,
+    M3_MINT_FROM_M2: true,
+    M4_NEAR_MONEY_RAIL: true,
 };
 function aggregateMetaFiatLayers(layers) {
     const breakdown = {
         M0: layers.M0 ?? '0',
         M1: layers.M1 ?? '0',
         M2: layers.M2 ?? '0',
+        M3: layers.M3 ?? '0',
+        M4: layers.M4 ?? '0',
         M00: layers.M00 ?? '0',
     };
-    const sum = [breakdown.M0, breakdown.M1, breakdown.M2]
+    const sum = [breakdown.M0, breakdown.M1, breakdown.M2, breakdown.M3, breakdown.M4]
         .map((v) => parseFloat(v) || 0)
         .reduce((a, b) => a + b, 0);
     return { metaFiatTotal: sum.toFixed(2), breakdown };
@@ -36,9 +42,11 @@ function buildMoneySupplySnapshot(officeId, balances) {
     const m0 = balances[exports.GL_CODES.M0_RESERVE] ?? '0';
     const m1 = balances[exports.GL_CODES.M1_CIRCULATING] ?? '0';
     const m2 = balances[exports.GL_CODES.M2_BROAD] ?? '0';
+    const m3 = balances[exports.GL_CODES.M3_TOKEN_LIABILITY] ?? '0';
     const pending = balances[exports.GL_CODES.SETTLEMENT_SUSPENSE] ?? '0';
-    const m0Num = parseFloat(m0) || 0;
-    const m1Num = parseFloat(m1) || 0;
+    const contingent = balances[exports.GL_CODES.TRADE_FINANCE_CONTINGENT] ?? '0';
+    const inFlight = balances.inFlightSwift ?? '0';
+    const m4Num = (parseFloat(pending) || 0) + (parseFloat(contingent) || 0) + (parseFloat(inFlight) || 0);
     return {
         asOf: new Date().toISOString(),
         officeId,
@@ -55,11 +63,20 @@ function buildMoneySupplySnapshot(officeId, balances) {
         M2: {
             broadMoney: m2,
             gl2200: m2,
-            metaFiatPending: pending,
+        },
+        M3: {
+            tokenLiabilities: m3,
+            gl2300: m3,
+        },
+        M4: {
+            nearMoney: m4Num.toFixed(2),
+            gl1000: pending,
+            glContingent: contingent,
+            inFlightSwift: inFlight,
         },
         metaFiatRealRail: {
             pendingSettlement: pending,
-            inFlightSwift: balances['inFlightSwift'] ?? '0',
+            inFlightSwift: inFlight,
         },
     };
 }
@@ -72,3 +89,17 @@ function m2FiatToTokenLoadAmount(fiatAmount, m2Available) {
         fullyBacked: load >= fiat && fiat > 0,
     };
 }
+/** M3 on-chain token mint must not exceed outstanding M2 broad money backing. */
+function m3TokenLoadAmount(requested, m2Broad, m3Outstanding) {
+    const req = parseFloat(requested) || 0;
+    const m2 = parseFloat(m2Broad) || 0;
+    const m3 = parseFloat(m3Outstanding) || 0;
+    const headroom = Math.max(0, m2 - m3);
+    const load = Math.min(req, headroom);
+    return {
+        loadAmount: load.toFixed(2),
+        fullyBacked: load >= req && req > 0,
+    };
+}
+/** All settlement layers M0–M4 for production routing. */
+exports.ALL_MONEY_LAYERS = ['M0', 'M1', 'M2', 'M3', 'M4'];
diff --git a/packages/settlement-core/dist/types.d.ts b/packages/settlement-core/dist/types.d.ts
index 9116375..06caac8 100644
--- a/packages/settlement-core/dist/types.d.ts
+++ b/packages/settlement-core/dist/types.d.ts
@@ -1,5 +1,5 @@
 /** OMNL central-bank settlement domain types */
-export type MoneyLayer = 'M0' | 'M1' | 'M2' | 'M00';
+export type MoneyLayer = 'M0' | 'M1' | 'M2' | 'M3' | 'M4' | 'M00';
 export type PaymentRail = 'SWIFT' | 'SEPA' | 'TARGET2' | 'RTGS' | 'ACH' | 'FEDWIRE' | 'INTERNAL' | 'CHAIN138';
 export type TradeFinanceInstrument = 'SBLC' | 'DLC' | 'BG' | 'LS';
 export type SwiftMessageKind = 'MT103' | 'MT102' | 'MT202' | 'MT910';
@@ -93,7 +93,16 @@ export type MoneySupplySnapshot = {
     M2: {
         broadMoney: string;
         gl2200: string;
-        metaFiatPending: string;
+    };
+    M3: {
+        tokenLiabilities: string;
+        gl2300: string;
+    };
+    M4: {
+        nearMoney: string;
+        gl1000: string;
+        glContingent: string;
+        inFlightSwift: string;
     };
     metaFiatRealRail: {
         pendingSettlement: string;
diff --git a/packages/settlement-core/src/money-supply.ts b/packages/settlement-core/src/money-supply.ts
index 8ca9638..9199416 100644
--- a/packages/settlement-core/src/money-supply.ts
+++ b/packages/settlement-core/src/money-supply.ts
@@ -1,21 +1,24 @@
 import type { MoneyLayer, MoneySupplySnapshot } from './types';
 
-/** IPSAS GL mapping for OMNL central-bank money aggregates */
+/** IPSAS GL mapping for OMNL central-bank money aggregates M0–M4 */
 export const GL_CODES = {
   M0_RESERVE: '1050',
   M1_LIABILITY: '2000',
   M1_CIRCULATING: '2100',
   M2_BROAD: '2200',
+  M3_TOKEN_LIABILITY: '2300',
   SETTLEMENT_SUSPENSE: '1000',
   TRADE_FINANCE_CONTINGENT: '1410',
   CRYPTO_TOKEN_LIABILITY: '2300',
 } as const;
 
-/** Policy caps from hybx-omnl-policy (1.2× M0 reserve → M1 capacity; 5× M1 → M2 broad) */
+/** Policy caps: M0→M1 (1.2×), M1→M2 (5×), M2→M3 token mint, M4 near-money rail */
 export const POLICY = {
   M0_BACKING_MULTIPLIER: 1.2,
   M1_CAP_MULTIPLIER: 5,
   M2_META_FIAT_RAIL_CONVERSION: true,
+  M3_MINT_FROM_M2: true,
+  M4_NEAR_MONEY_RAIL: true,
 } as const;
 
 export function aggregateMetaFiatLayers(
@@ -25,9 +28,11 @@ export function aggregateMetaFiatLayers(
     M0: layers.M0 ?? '0',
     M1: layers.M1 ?? '0',
     M2: layers.M2 ?? '0',
+    M3: layers.M3 ?? '0',
+    M4: layers.M4 ?? '0',
     M00: layers.M00 ?? '0',
   };
-  const sum = [breakdown.M0, breakdown.M1, breakdown.M2]
+  const sum = [breakdown.M0, breakdown.M1, breakdown.M2, breakdown.M3, breakdown.M4]
     .map((v) => parseFloat(v) || 0)
     .reduce((a, b) => a + b, 0);
   return { metaFiatTotal: sum.toFixed(2), breakdown };
@@ -40,9 +45,12 @@ export function buildMoneySupplySnapshot(
   const m0 = balances[GL_CODES.M0_RESERVE] ?? '0';
   const m1 = balances[GL_CODES.M1_CIRCULATING] ?? '0';
   const m2 = balances[GL_CODES.M2_BROAD] ?? '0';
+  const m3 = balances[GL_CODES.M3_TOKEN_LIABILITY] ?? '0';
   const pending = balances[GL_CODES.SETTLEMENT_SUSPENSE] ?? '0';
-  const m0Num = parseFloat(m0) || 0;
-  const m1Num = parseFloat(m1) || 0;
+  const contingent = balances[GL_CODES.TRADE_FINANCE_CONTINGENT] ?? '0';
+  const inFlight = balances.inFlightSwift ?? '0';
+  const m4Num =
+    (parseFloat(pending) || 0) + (parseFloat(contingent) || 0) + (parseFloat(inFlight) || 0);
   return {
     asOf: new Date().toISOString(),
     officeId,
@@ -59,11 +67,20 @@ export function buildMoneySupplySnapshot(
     M2: {
       broadMoney: m2,
       gl2200: m2,
-      metaFiatPending: pending,
+    },
+    M3: {
+      tokenLiabilities: m3,
+      gl2300: m3,
+    },
+    M4: {
+      nearMoney: m4Num.toFixed(2),
+      gl1000: pending,
+      glContingent: contingent,
+      inFlightSwift: inFlight,
     },
     metaFiatRealRail: {
       pendingSettlement: pending,
-      inFlightSwift: balances['inFlightSwift'] ?? '0',
+      inFlightSwift: inFlight,
     },
   };
 }
@@ -80,3 +97,22 @@ export function m2FiatToTokenLoadAmount(fiatAmount: string, m2Available: string)
     fullyBacked: load >= fiat && fiat > 0,
   };
 }
+
+/** M3 on-chain token mint must not exceed outstanding M2 broad money backing. */
+export function m3TokenLoadAmount(requested: string, m2Broad: string, m3Outstanding: string): {
+  loadAmount: string;
+  fullyBacked: boolean;
+} {
+  const req = parseFloat(requested) || 0;
+  const m2 = parseFloat(m2Broad) || 0;
+  const m3 = parseFloat(m3Outstanding) || 0;
+  const headroom = Math.max(0, m2 - m3);
+  const load = Math.min(req, headroom);
+  return {
+    loadAmount: load.toFixed(2),
+    fullyBacked: load >= req && req > 0,
+  };
+}
+
+/** All settlement layers M0–M4 for production routing. */
+export const ALL_MONEY_LAYERS: MoneyLayer[] = ['M0', 'M1', 'M2', 'M3', 'M4'];
diff --git a/packages/settlement-core/src/types.ts b/packages/settlement-core/src/types.ts
index f7bfa10..488c4a7 100644
--- a/packages/settlement-core/src/types.ts
+++ b/packages/settlement-core/src/types.ts
@@ -1,6 +1,6 @@
 /** OMNL central-bank settlement domain types */
 
-export type MoneyLayer = 'M0' | 'M1' | 'M2' | 'M00';
+export type MoneyLayer = 'M0' | 'M1' | 'M2' | 'M3' | 'M4' | 'M00';
 
 export type PaymentRail =
   | 'SWIFT'
@@ -108,6 +108,8 @@ export type MoneySupplySnapshot = {
   officeId: number;
   M0: { reserveOz?: string; gl1050: string; backingRatio: number };
   M1: { circulating: string; gl2000: string; gl2100: string; capMultiple: number };
-  M2: { broadMoney: string; gl2200: string; metaFiatPending: string };
+  M2: { broadMoney: string; gl2200: string };
+  M3: { tokenLiabilities: string; gl2300: string };
+  M4: { nearMoney: string; gl1000: string; glContingent: string; inFlightSwift: string };
   metaFiatRealRail: { pendingSettlement: string; inFlightSwift: string };
 };
diff --git a/services/settlement-middleware/dist/api/routes/settlement.js b/services/settlement-middleware/dist/api/routes/settlement.js
index f0f68a4..a277c9a 100644
--- a/services/settlement-middleware/dist/api/routes/settlement.js
+++ b/services/settlement-middleware/dist/api/routes/settlement.js
@@ -198,7 +198,7 @@ function createSettlementRouter() {
                     expiryDate: body.tradeFinance?.expiryDate,
                 },
                 rail: 'SWIFT',
-                moneyLayers: body.moneyLayers ?? ['M1', 'M2'],
+                moneyLayers: body.moneyLayers ?? ['M0', 'M1', 'M2', 'M3', 'M4'],
             });
             const record = await (0, external_transfer_1.processExternalTransfer)(merged);
             res.status(record.phase === 'FAILED' ? 422 : 200).json(record);
@@ -221,7 +221,7 @@ function createSettlementRouter() {
                     tokenLineId: body.convertToCrypto?.tokenLineId ?? `${body.currency ?? 'USD'}-M2`,
                     recipientAddress: body.convertToCrypto?.recipientAddress ?? '',
                 },
-                moneyLayers: ['M2'],
+                moneyLayers: ['M2', 'M3'],
             });
             const record = await (0, external_transfer_1.processExternalTransfer)(merged);
             res.status(record.phase === 'FAILED' ? 422 : 200).json(record);
@@ -262,7 +262,7 @@ function createSettlementRouter() {
                 ...body,
                 officeId: (0, config_1.settlementOfficeId)(body.officeId),
                 rail: 'INTERNAL',
-                moneyLayers: body.moneyLayers ?? ['M2'],
+                moneyLayers: body.moneyLayers ?? ['M2', 'M3'],
             });
             res.status(record.phase === 'FAILED' ? 422 : 200).json(record);
         }
@@ -283,7 +283,7 @@ function createSettlementRouter() {
                 ...body,
                 officeId: (0, config_1.settlementOfficeId)(body.officeId),
                 rail: body.rail === 'RTGS' ? 'RTGS' : 'SWIFT',
-                moneyLayers: body.moneyLayers ?? ['M2'],
+                moneyLayers: body.moneyLayers ?? ['M2', 'M4'],
             });
             res.status(record.phase === 'FAILED' ? 422 : 200).json(record);
         }
diff --git a/services/settlement-middleware/dist/workflows/external-transfer.js b/services/settlement-middleware/dist/workflows/external-transfer.js
index cc64680..187ba10 100644
--- a/services/settlement-middleware/dist/workflows/external-transfer.js
+++ b/services/settlement-middleware/dist/workflows/external-transfer.js
@@ -117,12 +117,13 @@ async function processExternalTransfer(input) {
             const balances = await (0, fineract_1.fetchGlBalances)(req.officeId);
             const snap = (0, settlement_core_1.buildMoneySupplySnapshot)(req.officeId, balances);
             const { loadAmount, fullyBacked } = (0, settlement_core_1.m2FiatToTokenLoadAmount)(req.amount, snap.M2.broadMoney);
-            if (!fullyBacked) {
-                record.errors.push(`M2 backing insufficient for token load (${loadAmount}/${req.amount})`);
+            const m3Check = (0, settlement_core_1.m3TokenLoadAmount)(loadAmount, snap.M2.broadMoney, snap.M3.tokenLiabilities);
+            if (!fullyBacked || !m3Check.fullyBacked) {
+                record.errors.push(`M2/M3 backing insufficient for token load (${loadAmount}/${req.amount}, M3 headroom ${m3Check.loadAmount})`);
             }
             const mint = await (0, omnl_1.requestTokenMint)({
                 lineId: req.convertToCrypto.tokenLineId,
-                amount: loadAmount,
+                amount: m3Check.loadAmount,
                 recipient: req.convertToCrypto.recipientAddress,
                 settlementRef: record.settlementId,
                 dryRun: !cfg.production.allowChainMintExecute,
diff --git a/services/settlement-middleware/dist/workflows/swift-inbound.js b/services/settlement-middleware/dist/workflows/swift-inbound.js
index c7aee32..af0db1b 100644
--- a/services/settlement-middleware/dist/workflows/swift-inbound.js
+++ b/services/settlement-middleware/dist/workflows/swift-inbound.js
@@ -24,7 +24,7 @@ async function processSwiftInbound(raw) {
         creditorIban: ibanMatch?.[1] ?? '',
         beneficiaryName: bnfMatch?.[1]?.trim() ?? 'Inbound beneficiary',
         remittanceInfo: remMatch?.[1]?.trim() ?? 'Inbound SWIFT settlement',
-        moneyLayers: isMt102 ? ['M1', 'M2'] : ['M0', 'M1'],
+        moneyLayers: isMt102 ? ['M1', 'M2', 'M3', 'M4'] : ['M0', 'M1', 'M4'],
         rail: 'SWIFT',
         swiftMessageKind: isMt102 ? 'MT102' : 'MT103',
         rwaVerbiage: { assetClass: 'RWA', tokenLineId: 'USD-M1', externalTransferRoll: true },
diff --git a/services/settlement-middleware/dist/workflows/token-load.js b/services/settlement-middleware/dist/workflows/token-load.js
index 4afaaad..ae761dd 100644
--- a/services/settlement-middleware/dist/workflows/token-load.js
+++ b/services/settlement-middleware/dist/workflows/token-load.js
@@ -28,8 +28,8 @@ async function processTokenLoad(input) {
             amount: req.amount,
             creditorIban: 'INTERNAL-M2-TOKEN-LOAD',
             beneficiaryName: req.recipientAddress,
-            remittanceInfo: `M2 token load ${req.lineId} → ${req.symbol ?? req.tokenAddress ?? 'token'}`,
-            moneyLayers: ['M2'],
+            remittanceInfo: `M2→M3 token load ${req.lineId} → ${req.symbol ?? req.tokenAddress ?? 'token'}`,
+            moneyLayers: ['M2', 'M3'],
             rail: 'INTERNAL',
             convertToCrypto: {
                 enabled: true,
@@ -50,17 +50,18 @@ async function processTokenLoad(input) {
         advance('VALIDATED');
         advance('VERBIAGE_ROLLED', {
             verbiageDocument: [
-                `OMNL M2 fiat-backed token load`,
+                `OMNL M2→M3 fiat-backed token load`,
                 `Office ${officeId} · line ${req.lineId}`,
                 `Amount ${req.amount} · recipient ${req.recipientAddress}`,
-                `GL ${settlement_core_1.GL_CODES.M2_BROAD} → ${settlement_core_1.GL_CODES.CRYPTO_TOKEN_LIABILITY}`,
+                `GL ${settlement_core_1.GL_CODES.M2_BROAD} → ${settlement_core_1.GL_CODES.M3_TOKEN_LIABILITY}`,
             ].join('\n'),
         });
         const balances = await (0, fineract_1.fetchGlBalances)(officeId);
         const snap = (0, settlement_core_1.buildMoneySupplySnapshot)(officeId, balances);
         const { loadAmount, fullyBacked } = (0, settlement_core_1.m2FiatToTokenLoadAmount)(req.amount, snap.M2.broadMoney);
-        if (!fullyBacked) {
-            record.errors.push(`M2 backing insufficient (${loadAmount}/${req.amount})`);
+        const m3Check = (0, settlement_core_1.m3TokenLoadAmount)(loadAmount, snap.M2.broadMoney, snap.M3.tokenLiabilities);
+        if (!fullyBacked || !m3Check.fullyBacked) {
+            record.errors.push(`M2/M3 backing insufficient (M2 load ${loadAmount}/${req.amount}, M3 headroom ${m3Check.loadAmount})`);
             advance('FAILED');
             return record;
         }
@@ -68,13 +69,13 @@ async function processTokenLoad(input) {
         if (amount > 0) {
             const [debitGlId, creditGlId] = await Promise.all([
                 (0, fineract_1.resolveGlAccountId)(profile.settlement.glM2 ?? settlement_core_1.GL_CODES.M2_BROAD),
-                (0, fineract_1.resolveGlAccountId)(settlement_core_1.GL_CODES.CRYPTO_TOKEN_LIABILITY),
+                (0, fineract_1.resolveGlAccountId)(profile.settlement.glM3 ?? settlement_core_1.GL_CODES.M3_TOKEN_LIABILITY),
             ]);
             const je = await (0, fineract_1.postJournalEntry)({
                 officeId,
                 transactionDate: now.slice(0, 10),
                 referenceNumber: req.idempotencyKey,
-                comments: `M2 token load ${req.lineId}`,
+                comments: `M2→M3 token load ${req.lineId}`,
                 debits: [{ glAccountId: debitGlId, amount }],
                 credits: [{ glAccountId: creditGlId, amount }],
             });
diff --git a/services/settlement-middleware/dist/workflows/transfer.js b/services/settlement-middleware/dist/workflows/transfer.js
index 98163e3..cf8f7d0 100644
--- a/services/settlement-middleware/dist/workflows/transfer.js
+++ b/services/settlement-middleware/dist/workflows/transfer.js
@@ -32,7 +32,11 @@ async function processTransfer(input) {
             creditorIban: req.creditorIban ?? (isExternal ? '' : 'INTERNAL-CHAIN138'),
             beneficiaryName: req.beneficiaryName ?? req.recipientAddress,
             remittanceInfo: req.remittanceInfo ?? `Transfer ${req.tokenSymbol} → ${req.recipientAddress}`,
-            moneyLayers: req.moneyLayers.length ? req.moneyLayers : ['M2'],
+            moneyLayers: req.moneyLayers.length
+                ? req.moneyLayers
+                : isExternal
+                    ? ['M2', 'M4']
+                    : ['M2', 'M3'],
             rail: req.rail === 'CHAIN138' ? 'CHAIN138' : req.rail === 'INTERNAL' ? 'INTERNAL' : 'SWIFT',
         },
         errors: [],
@@ -51,7 +55,7 @@ async function processTransfer(input) {
         advance('VERBIAGE_ROLLED', {
             verbiageDocument: [
                 `OMNL ${req.rail} transfer · ${req.tokenSymbol}`,
-                `M2 layer · ${req.amount}`,
+                `Layers ${record.request.moneyLayers.join('/')} · ${req.amount}`,
                 `To ${req.recipientAddress}`,
                 isExternal ? `IBAN ${req.creditorIban}` : 'Internal / Chain 138',
             ].join('\n'),
diff --git a/services/settlement-middleware/src/api/routes/settlement.ts b/services/settlement-middleware/src/api/routes/settlement.ts
index fc7f90a..b410a74 100644
--- a/services/settlement-middleware/src/api/routes/settlement.ts
+++ b/services/settlement-middleware/src/api/routes/settlement.ts
@@ -203,7 +203,7 @@ export function createSettlementRouter(): Router {
           expiryDate: body.tradeFinance?.expiryDate,
         },
         rail: 'SWIFT',
-        moneyLayers: body.moneyLayers ?? ['M1', 'M2'],
+        moneyLayers: body.moneyLayers ?? ['M0', 'M1', 'M2', 'M3', 'M4'],
       });
       const record = await processExternalTransfer(merged);
       res.status(record.phase === 'FAILED' ? 422 : 200).json(record);
@@ -225,7 +225,7 @@ export function createSettlementRouter(): Router {
           tokenLineId: body.convertToCrypto?.tokenLineId ?? `${body.currency ?? 'USD'}-M2`,
           recipientAddress: body.convertToCrypto?.recipientAddress ?? '',
         },
-        moneyLayers: ['M2'],
+        moneyLayers: ['M2', 'M3'],
       });
       const record = await processExternalTransfer(merged);
       res.status(record.phase === 'FAILED' ? 422 : 200).json(record);
@@ -264,7 +264,7 @@ export function createSettlementRouter(): Router {
         ...body,
         officeId: settlementOfficeId(body.officeId),
         rail: 'INTERNAL',
-        moneyLayers: body.moneyLayers ?? ['M2'],
+        moneyLayers: body.moneyLayers ?? ['M2', 'M3'],
       });
       res.status(record.phase === 'FAILED' ? 422 : 200).json(record);
     } catch (e) {
@@ -284,7 +284,7 @@ export function createSettlementRouter(): Router {
         ...body,
         officeId: settlementOfficeId(body.officeId),
         rail: body.rail === 'RTGS' ? 'RTGS' : 'SWIFT',
-        moneyLayers: body.moneyLayers ?? ['M2'],
+        moneyLayers: body.moneyLayers ?? ['M2', 'M4'],
       });
       res.status(record.phase === 'FAILED' ? 422 : 200).json(record);
     } catch (e) {
diff --git a/services/settlement-middleware/src/config.ts b/services/settlement-middleware/src/config.ts
index 47be1db..155da7f 100644
--- a/services/settlement-middleware/src/config.ts
+++ b/services/settlement-middleware/src/config.ts
@@ -17,6 +17,9 @@ export type OfficeSettlementProfile = {
     glM0: string;
     glM1: string;
     glM2: string;
+    glM3: string;
+    glM4NearMoney: string;
+    glM4Contingent: string;
     glSettlement: string;
     glTradeFinanceContingent: string;
   };
@@ -51,6 +54,9 @@ export type MiddlewareConfig = {
     glM0: string;
     glM1: string;
     glM2: string;
+    glM3: string;
+    glM4NearMoney: string;
+    glM4Contingent: string;
     glSettlement: string;
   };
   production: {
diff --git a/services/settlement-middleware/src/workflows/external-transfer.ts b/services/settlement-middleware/src/workflows/external-transfer.ts
index 7b15be6..0b79908 100644
--- a/services/settlement-middleware/src/workflows/external-transfer.ts
+++ b/services/settlement-middleware/src/workflows/external-transfer.ts
@@ -3,6 +3,7 @@ import {
   buildMoneySupplySnapshot,
   isIbanValid,
   m2FiatToTokenLoadAmount,
+  m3TokenLoadAmount,
   resolveInstrumentGl,
   rollExternalTransferVerbiage,
   swiftKindForRequest,
@@ -136,12 +137,15 @@ export async function processExternalTransfer(
         req.amount,
         snap.M2.broadMoney,
       );
-      if (!fullyBacked) {
-        record.errors.push(`M2 backing insufficient for token load (${loadAmount}/${req.amount})`);
+      const m3Check = m3TokenLoadAmount(loadAmount, snap.M2.broadMoney, snap.M3.tokenLiabilities);
+      if (!fullyBacked || !m3Check.fullyBacked) {
+        record.errors.push(
+          `M2/M3 backing insufficient for token load (${loadAmount}/${req.amount}, M3 headroom ${m3Check.loadAmount})`,
+        );
       }
       const mint = await requestTokenMint({
         lineId: req.convertToCrypto.tokenLineId,
-        amount: loadAmount,
+        amount: m3Check.loadAmount,
         recipient: req.convertToCrypto.recipientAddress,
         settlementRef: record.settlementId,
         dryRun: !cfg.production.allowChainMintExecute,
diff --git a/services/settlement-middleware/src/workflows/swift-inbound.ts b/services/settlement-middleware/src/workflows/swift-inbound.ts
index a0f3b63..173c823 100644
--- a/services/settlement-middleware/src/workflows/swift-inbound.ts
+++ b/services/settlement-middleware/src/workflows/swift-inbound.ts
@@ -25,7 +25,7 @@ export async function processSwiftInbound(raw: string): Promise<SettlementRecord
     creditorIban: ibanMatch?.[1] ?? '',
     beneficiaryName: bnfMatch?.[1]?.trim() ?? 'Inbound beneficiary',
     remittanceInfo: remMatch?.[1]?.trim() ?? 'Inbound SWIFT settlement',
-    moneyLayers: isMt102 ? ['M1', 'M2'] : ['M0', 'M1'],
+    moneyLayers: isMt102 ? ['M1', 'M2', 'M3', 'M4'] : ['M0', 'M1', 'M4'],
     rail: 'SWIFT',
     swiftMessageKind: isMt102 ? 'MT102' : 'MT103',
     rwaVerbiage: { assetClass: 'RWA', tokenLineId: 'USD-M1', externalTransferRoll: true },
diff --git a/services/settlement-middleware/src/workflows/token-load.ts b/services/settlement-middleware/src/workflows/token-load.ts
index d7dc172..587ee4e 100644
--- a/services/settlement-middleware/src/workflows/token-load.ts
+++ b/services/settlement-middleware/src/workflows/token-load.ts
@@ -3,6 +3,7 @@ import {
   buildMoneySupplySnapshot,
   GL_CODES,
   m2FiatToTokenLoadAmount,
+  m3TokenLoadAmount,
   type TokenLoadRequest,
   type SettlementRecord,
 } from '@dbis/settlement-core';
@@ -33,8 +34,8 @@ export async function processTokenLoad(input: TokenLoadRequest): Promise<Settlem
       amount: req.amount,
       creditorIban: 'INTERNAL-M2-TOKEN-LOAD',
       beneficiaryName: req.recipientAddress,
-      remittanceInfo: `M2 token load ${req.lineId} → ${req.symbol ?? req.tokenAddress ?? 'token'}`,
-      moneyLayers: ['M2'],
+      remittanceInfo: `M2→M3 token load ${req.lineId} → ${req.symbol ?? req.tokenAddress ?? 'token'}`,
+      moneyLayers: ['M2', 'M3'],
       rail: 'INTERNAL',
       convertToCrypto: {
         enabled: true,
@@ -57,18 +58,21 @@ export async function processTokenLoad(input: TokenLoadRequest): Promise<Settlem
     advance('VALIDATED');
     advance('VERBIAGE_ROLLED', {
       verbiageDocument: [
-        `OMNL M2 fiat-backed token load`,
+        `OMNL M2→M3 fiat-backed token load`,
         `Office ${officeId} · line ${req.lineId}`,
         `Amount ${req.amount} · recipient ${req.recipientAddress}`,
-        `GL ${GL_CODES.M2_BROAD} → ${GL_CODES.CRYPTO_TOKEN_LIABILITY}`,
+        `GL ${GL_CODES.M2_BROAD} → ${GL_CODES.M3_TOKEN_LIABILITY}`,
       ].join('\n'),
     });
 
     const balances = await fetchGlBalances(officeId);
     const snap = buildMoneySupplySnapshot(officeId, balances);
     const { loadAmount, fullyBacked } = m2FiatToTokenLoadAmount(req.amount, snap.M2.broadMoney);
-    if (!fullyBacked) {
-      record.errors.push(`M2 backing insufficient (${loadAmount}/${req.amount})`);
+    const m3Check = m3TokenLoadAmount(loadAmount, snap.M2.broadMoney, snap.M3.tokenLiabilities);
+    if (!fullyBacked || !m3Check.fullyBacked) {
+      record.errors.push(
+        `M2/M3 backing insufficient (M2 load ${loadAmount}/${req.amount}, M3 headroom ${m3Check.loadAmount})`,
+      );
       advance('FAILED');
       return record;
     }
@@ -77,13 +81,13 @@ export async function processTokenLoad(input: TokenLoadRequest): Promise<Settlem
     if (amount > 0) {
       const [debitGlId, creditGlId] = await Promise.all([
         resolveGlAccountId(profile.settlement.glM2 ?? GL_CODES.M2_BROAD),
-        resolveGlAccountId(GL_CODES.CRYPTO_TOKEN_LIABILITY),
+        resolveGlAccountId(profile.settlement.glM3 ?? GL_CODES.M3_TOKEN_LIABILITY),
       ]);
       const je = await postJournalEntry({
         officeId,
         transactionDate: now.slice(0, 10),
         referenceNumber: req.idempotencyKey,
-        comments: `M2 token load ${req.lineId}`,
+        comments: `M2→M3 token load ${req.lineId}`,
         debits: [{ glAccountId: debitGlId, amount }],
         credits: [{ glAccountId: creditGlId, amount }],
       });
diff --git a/services/settlement-middleware/src/workflows/transfer.ts b/services/settlement-middleware/src/workflows/transfer.ts
index 88d9596..d370e91 100644
--- a/services/settlement-middleware/src/workflows/transfer.ts
+++ b/services/settlement-middleware/src/workflows/transfer.ts
@@ -31,7 +31,11 @@ export async function processTransfer(input: TransferRequest): Promise<Settlemen
       creditorIban: req.creditorIban ?? (isExternal ? '' : 'INTERNAL-CHAIN138'),
       beneficiaryName: req.beneficiaryName ?? req.recipientAddress,
       remittanceInfo: req.remittanceInfo ?? `Transfer ${req.tokenSymbol} → ${req.recipientAddress}`,
-      moneyLayers: req.moneyLayers.length ? req.moneyLayers : ['M2'],
+      moneyLayers: req.moneyLayers.length
+        ? req.moneyLayers
+        : isExternal
+          ? ['M2', 'M4']
+          : ['M2', 'M3'],
       rail: req.rail === 'CHAIN138' ? 'CHAIN138' : req.rail === 'INTERNAL' ? 'INTERNAL' : 'SWIFT',
     },
     errors: [],
@@ -52,7 +56,7 @@ export async function processTransfer(input: TransferRequest): Promise<Settlemen
     advance('VERBIAGE_ROLLED', {
       verbiageDocument: [
         `OMNL ${req.rail} transfer · ${req.tokenSymbol}`,
-        `M2 layer · ${req.amount}`,
+        `Layers ${record.request.moneyLayers.join('/')} · ${req.amount}`,
         `To ${req.recipientAddress}`,
         isExternal ? `IBAN ${req.creditorIban}` : 'Internal / Chain 138',
       ].join('\n'),
diff --git a/services/token-aggregation/src/api/routes/omnl.ts b/services/token-aggregation/src/api/routes/omnl.ts
index cf57dda..ceb3477 100644
--- a/services/token-aggregation/src/api/routes/omnl.ts
+++ b/services/token-aggregation/src/api/routes/omnl.ts
@@ -332,7 +332,7 @@ router.get('/omnl/health', async (req: Request, res: Response) => {
 });
 
 /**
- * POST /omnl/settlement/token-load — M2 fiat-backed token mint (Office 24 settlement).
+ * POST /omnl/settlement/token-load — M2→M3 fiat-backed token mint (Office 24 settlement).
  */
 router.post('/omnl/settlement/token-load', async (req: Request, res: Response) => {
   const { lineId, amount, recipient, settlementRef, dryRun, symbol, tokenAddress } = req.body as {
@@ -370,13 +370,13 @@ router.post('/omnl/settlement/token-load', async (req: Request, res: Response) =
       symbol: symbol ?? null,
       tokenAddress: tokenAddress ?? null,
       settlementRef: settlementRef ?? null,
-      moneyLayer: 'M2',
+      moneyLayer: 'M3',
       loadFromGl: '2200',
       creditGl: '2300',
       capabilities,
       txHash: null,
       chainRailConfigured: chainRailConfigured(),
-      message: 'M2 token load validated — set SETTLEMENT_ALLOW_CHAIN_MINT_EXECUTE=1 to mint on-chain',
+      message: 'M2→M3 token load validated — set SETTLEMENT_ALLOW_CHAIN_MINT_EXECUTE=1 to mint on-chain',
     });
     return;
   }
@@ -406,10 +406,10 @@ router.post('/omnl/settlement/token-load', async (req: Request, res: Response) =
       symbol: symbol ?? null,
       tokenAddress,
       settlementRef: settlementRef ?? null,
-      moneyLayer: 'M2',
+      moneyLayer: 'M3',
       capabilities,
       txHash,
-      message: 'M2 token minted on Chain 138 — tradable, swappable, transferable',
+      message: 'M3 token minted on Chain 138 — tradable, swappable, transferable',
     });
   } catch (e) {
     const msg = e instanceof Error ? e.message : String(e);