diff --git a/src/shade/__init__.py b/src/shade/__init__.py
index 43cb473..6c5a209 100644
--- a/src/shade/__init__.py
+++ b/src/shade/__init__.py
@@ -16,7 +16,7 @@
     ShadeError,
     SignatureVerificationError,
 )
-from .models import Merchant, ShadeObject, Transfer, TransferStatus
+from .models import AssetBalance, Balance, Merchant, ShadeObject, Transfer, TransferStatus
 
 __version__ = "0.1.0"
 
@@ -24,8 +24,10 @@
 ShadeClient = Gateway
 
 __all__ = [
+    "AssetBalance",
     "AsyncHTTPClient",
     "AuthenticationError",
+    "Balance",
     "Environment",
     "Gateway",
     "HTTPError",
diff --git a/src/shade/models/__init__.py b/src/shade/models/__init__.py
index 330af80..84f61c8 100644
--- a/src/shade/models/__init__.py
+++ b/src/shade/models/__init__.py
@@ -1,8 +1,16 @@
 """
 Shade API response models.
 """
+from .balance import AssetBalance, Balance
 from .base import ShadeObject
 from .merchant import Merchant
 from .transfer import Transfer, TransferStatus
 
-__all__ = ["Merchant", "ShadeObject", "Transfer", "TransferStatus"]
+__all__ = [
+    "AssetBalance",
+    "Balance",
+    "Merchant",
+    "ShadeObject",
+    "Transfer",
+    "TransferStatus",
+]
diff --git a/src/shade/models/balance.py b/src/shade/models/balance.py
new file mode 100644
index 0000000..9cc3f77
--- /dev/null
+++ b/src/shade/models/balance.py
@@ -0,0 +1,60 @@
+"""
+Balance models.
+
+Represents the per-asset balance breakdown returned by
+:meth:`Merchant.get_balance`. A merchant wallet may hold multiple Stellar
+assets (native XLM, USDC, etc.), each described by an
+:class:`AssetBalance` entry.
+"""
+from __future__ import annotations
+
+from decimal import Decimal
+from typing import List, Optional
+
+from pydantic import Field
+
+from .base import ShadeObject
+
+
+class AssetBalance(ShadeObject):
+    """Balance for a single Stellar asset.
+
+    ``asset_code`` is ``"XLM"`` for the native balance.  For issued assets
+    ``asset_issuer`` contains the issuing account's public key; it is
+    ``None`` for the native asset.
+    """
+
+    _id_field = "asset_code"
+
+    asset_code: str = Field(alias="assetCode")
+    asset_issuer: Optional[str] = Field(default=None, alias="assetIssuer")
+    balance: Decimal
+
+
+class Balance(ShadeObject):
+    """Collection of per-asset balances for a merchant wallet.
+
+    The ``balances`` list is populated from the ``balances`` key in the API
+    response.  Use :meth:`get` to look up a specific asset by code.
+    """
+
+    _id_field = "id"
+
+    id: Optional[str] = None
+    merchant_id: Optional[str] = Field(default=None, alias="merchantId")
+    balances: List[AssetBalance] = []
+
+    def get(self, asset_code: str) -> Optional[AssetBalance]:
+        """Return the :class:`AssetBalance` for *asset_code*, or ``None``.
+
+        Examples::
+
+            balance.get("XLM")     # native balance
+            balance.get("USDC")    # USDC balance if held
+            balance.get("NOTEXIST")  # None — no KeyError
+        """
+        code = asset_code.upper()
+        for entry in self.balances:
+            if entry.asset_code.upper() == code:
+                return entry
+        return None
diff --git a/tests/test_balance.py b/tests/test_balance.py
new file mode 100644
index 0000000..a66ac61
--- /dev/null
+++ b/tests/test_balance.py
@@ -0,0 +1,157 @@
+from decimal import Decimal
+
+import pytest
+
+import shade
+from shade import AssetBalance, Balance, InvalidRequestError, ShadeObject
+
+
+def _asset_balance(**overrides):
+    data = {
+        "assetCode": "XLM",
+        "assetIssuer": None,
+        "balance": "100.00",
+    }
+    data.update(overrides)
+    return data
+
+
+def _api_response(**overrides):
+    data = {
+        "id": "bal_123",
+        "merchantId": "merch_456",
+        "balances": [
+            _asset_balance(assetCode="XLM", assetIssuer=None, balance="100.00"),
+            _asset_balance(assetCode="USDC", assetIssuer="GBBD47CC6KON37" + "X" * 42, balance="250.50"),
+        ],
+    }
+    data.update(overrides)
+    return data
+
+
+# ── AssetBalance ──────────────────────────────────────────────────────────
+
+
+def test_asset_balance_from_dict_maps_camelcase():
+    ab = AssetBalance.from_dict(_asset_balance(assetCode="USDC", assetIssuer="GABC"))
+    assert ab.asset_code == "USDC"
+    assert ab.asset_issuer == "GABC"
+    assert ab.balance == Decimal("100.00")
+
+
+def test_asset_balance_native_has_no_issuer():
+    ab = AssetBalance.from_dict(_asset_balance())
+    assert ab.asset_code == "XLM"
+    assert ab.asset_issuer is None
+
+
+def test_asset_balance_balance_is_decimal():
+    ab = AssetBalance.from_dict(_asset_balance(balance="99.99"))
+    assert isinstance(ab.balance, Decimal)
+    assert ab.balance == Decimal("99.99")
+
+
+def test_asset_balance_preserves_unknown_keys():
+    ab = AssetBalance.from_dict(_asset_balance(trustlineLimit="1000"))
+    assert ab.to_dict()["trustlineLimit"] == "1000"
+
+
+def test_asset_balance_is_shade_object():
+    assert issubclass(AssetBalance, ShadeObject)
+
+
+def test_asset_balance_repr_uses_asset_code():
+    ab = AssetBalance.from_dict(_asset_balance())
+    assert "asset_code=" in repr(ab)
+    assert "XLM" in repr(ab)
+
+
+# ── Balance ───────────────────────────────────────────────────────────────
+
+
+def test_balance_from_dict_maps_camelcase():
+    balance = Balance.from_dict(_api_response())
+    assert balance.id == "bal_123"
+    assert balance.merchant_id == "merch_456"
+    assert len(balance.balances) == 2
+
+
+def test_balance_balances_are_asset_balance_instances():
+    balance = Balance.from_dict(_api_response())
+    for entry in balance.balances:
+        assert isinstance(entry, AssetBalance)
+
+
+def test_balance_amounts_are_decimal():
+    balance = Balance.from_dict(_api_response())
+    for entry in balance.balances:
+        assert isinstance(entry.balance, Decimal)
+
+
+def test_balance_get_returns_matching_asset():
+    balance = Balance.from_dict(_api_response())
+    xlm = balance.get("XLM")
+    assert xlm is not None
+    assert xlm.asset_code == "XLM"
+    assert xlm.balance == Decimal("100.00")
+
+
+def test_balance_get_returns_usdc():
+    balance = Balance.from_dict(_api_response())
+    usdc = balance.get("USDC")
+    assert usdc is not None
+    assert usdc.asset_code == "USDC"
+    assert usdc.balance == Decimal("250.50")
+
+
+def test_balance_get_is_case_insensitive():
+    balance = Balance.from_dict(_api_response())
+    assert balance.get("xlm") is not None
+    assert balance.get("usdc") is not None
+
+
+def test_balance_get_returns_none_for_missing_asset():
+    balance = Balance.from_dict(_api_response())
+    assert balance.get("NOTEXIST") is None
+
+
+def test_balance_get_returns_none_for_empty_balances():
+    balance = Balance.from_dict(_api_response(balances=[]))
+    assert balance.get("XLM") is None
+
+
+def test_balance_optional_fields_default_to_none():
+    payload = {"balances": [_asset_balance()]}
+    balance = Balance.from_dict(payload)
+    assert balance.id is None
+    assert balance.merchant_id is None
+
+
+def test_balance_is_exported_from_package():
+    assert shade.Balance is Balance
+    assert shade.AssetBalance is AssetBalance
+
+
+def test_balance_preserves_unknown_keys():
+    balance = Balance.from_dict(_api_response(metadata="test"))
+    assert balance.to_dict()["metadata"] == "test"
+
+
+def test_balance_to_dict_round_trips():
+    payload = _api_response()
+    balance = Balance.from_dict(payload)
+    round_tripped = balance.to_dict()
+    rebalanced = Balance.from_dict(round_tripped)
+    assert rebalanced.id == balance.id
+    assert rebalanced.merchant_id == balance.merchant_id
+    assert len(rebalanced.balances) == len(balance.balances)
+
+
+def test_balance_repr_uses_id():
+    balance = Balance.from_dict(_api_response())
+    assert "bal_123" in repr(balance)
+
+
+def test_balance_repr_without_id():
+    balance = Balance.from_dict({"balances": [_asset_balance()]})
+    assert repr(balance) == "<Balance>"