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A muxed address (M…) is an ed25519 account plus a 64-bit ID. Exchanges and custodians use the ID to tell their customers apart inside one Stellar account.

The rules

  • Index balances on the underlying G… account. The ledger has no muxed accounts. Balances live on the base account.
  • Keep the ID with the record, exactly (see 64-bit integers). wallet-backend stores it as to_muxed_id TEXT.
  • Expect fee-bumps. Muxed destinations often arrive wrapped in a fee-bump, as in cap27-muxed-payment-pubnet-0001, so the operation is at feeBump.tx.innerTx.v1.tx.operations[i]. Code that only handles v1 envelopes skips them.
  • Round-trip the M… strkey through your SDK in tests. All three SDKs pass on this fixture.

Why it matters

The muxed ID is how an exchange knows which customer a deposit belongs to. A rounded ID credits nobody, or the wrong person. A dropped ID turns a deposit into an unattributed transfer that someone has to reconcile by hand.