What is Midas US Treasury Bill Token (mTBILL)?
mTBILL is Midas's flagship tokenized product, offering permissionless onchain exposure to short-duration US Treasury Bills. Each mTBILL token represents a share in BlackRock's Treasury Bond fund, which exclusively holds short-dated US government debt.
Underlying Assets
US Treasury Bills: The portfolio is exclusively composed of short-duration US Treasury Bills with maturities below 3 months. This ensures the highest credit quality and liquidity under stable market conditions.
Custodian: The underlying fund is managed by BlackRock, one of the world's largest asset managers, providing institutional-grade custody and management.
How Yield Works
Holders of mTBILL accumulate value from interest generated by the underlying US Treasury debt. Unlike rebasing tokens, interest is distributed through price appreciation of the mTBILL token itself. This allows investors to utilize mTBILL in DeFi protocols without forfeiting earned interest.
Accessibility and Compliance
No Minimum Investment: mTBILL is accessible with any investment amount under the terms of the Prospectus.
Regulatory Approval: Midas has received prospectus approval allowing mTBILL to be issued to retail investors within the European Union. The token complies with European securities regulations and is issued as a secured loan under German law by Midas Software GmbH.
Multi-Chain: mTBILL is available on Ethereum and Base, enabling access to DeFi platforms across multiple networks.
Important Risk Disclosures
US Government Credit Risk: While US Treasuries are considered low-risk, they are subject to US government credit quality and interest rate changes.
Counterparty Risk: Investors are exposed to the operational integrity of Midas as the token issuer and BlackRock as the fund manager.
Eligibility Restrictions: mTBILL is NOT available to US persons, UK residents, or persons in sanctioned jurisdictions including China.
Redemption Process: Direct redemption through Midas may have processing times. Secondary market liquidity on DEXs provides an alternative exit.
Smart Contract Risk: As an onchain token, mTBILL carries inherent smart contract vulnerabilities.
Interest Rate Risk: Treasury yields fluctuate with Federal Reserve policy and market conditions.