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Midas
RWA·Ethereum · Arbitrum · Base · Plume

Midas

01Description

Liechtenstein-FMA-approved tokenized investment products. mTBILL provides onchain exposure to BlackRock's short-duration US Treasury fund; mBASIS runs a market-neutral crypto basis-trade strategy; mEDGE/mMEV target additional yield strategies. Permissionless ERC-20s with no minimum investment for EU retail (subject to MiFID II suitability).

02Best for
  • 01permissionless tokenized T-bills (mTBILL)
  • 02crypto basis-trade fund tokens (mBASIS)
  • 03EU retail-eligible RWA exposure
  • 04no-minimum onchain treasury yield
  • 05DeFi-composable RWA collateral
04Environment variables
VariableScopeDescription
MIDAS_MTBILL_ADDRESSClientmTBILL ERC-20 on Ethereum: 0xDD629E5241CbC5919847783e6C96B2De4754e438.
MIDAS_MBASIS_ADDRESSClientmBASIS ERC-20 on the target chain (read from docs.midas.app).
05Prompt snippet
Use Midas for permissionless tokenized RWA exposure with EU regulatory clearance. mTBILL (`0xDD629E5241CbC5919847783e6C96B2De4754e438` on Ethereum) is an ERC-20 representing one share of a fund that holds BlackRock's BIDS short-duration UST product; price-per-share grows daily as T-bills accrue. mBASIS captures funding-rate spread from delta-neutral perp positions on majors. Both are permissionless at the contract level — no allowlist, anyone can hold/transfer — BUT primary subscription/redemption (mint/burn 1:1 against USDC) requires Midas KYC via the app and is gated to non-US users (EU retail, professional elsewhere). Use `DataFeed` oracle for the latest fund NAV; `RedemptionVault.requestRedeem(amount)` queues a redemption with a 1–3 day settlement window. For DeFi composition, mTBILL is whitelisted in select Morpho/Pendle markets — surface those if your UX targets yield-stacking.
06Gotchas
  • Tokens are permissionless at the ERC-20 layer, but PRIMARY mint/redeem requires Midas KYC — secondary holders without KYC can hold + DEX-trade only.
  • US persons are restricted from primary issuance under Reg S — your app must geofence the mint flow even though the token itself is composable.
  • Redemption is queued (1–3 business days) — instant secondary exit only via DEX liquidity, which can be thin for mBASIS.
  • mBASIS yield is funding-rate-dependent and can go to zero or negative in low-funding regimes — do not display a fixed APY.
  • NAV updates daily via Midas operator oracle, not real-time; arbitrage-driven DEX price can deviate from NAV in volatile periods.
  • Liechtenstein FMA approval covers EU retail under MiFID II — non-EU retail jurisdictions may have separate restrictions you must enforce client-side.
  • Custody is at the regulated fund administrator and underlying BlackRock fund — surface this dependency chain in disclosures.
07Alternatives