Midas Launches DeFi Composable Tokenized Treasury Product - Unchained

Real-world asset tokenization platform Midas has launched a tokenized U.S. Treasury bill product on the Algorand blockchain.

The first atomic swap using the product, named mTBILL, on Algorand took place on Tuesday, with $2 million in USDC exchanged for mTBILL tokens. The transaction was executed almost instantly, with negligible fees — 0.002 ALGO, or about $0.0004 — and completed in just two seconds.

The tokenized certificate’s underlying assets are short-term U.S. Treasury exchange-traded funds — specifically BlackRock’s IB01 and BUIDL. But unlike BlackRock’s own BUIDL fund, which requires a minimum investment of $5 million, Midas’s mTBILL is structured with no minimum investment requirement, making it far more accessible to smaller investors.

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The product offers a net yield of 4.06%, based on the trailing seven-day yield of the underlying ETFs, net of fees. It also offers full DeFi composability, meaning that the tokens can be freely traded and utilized within DeFi applications on Algorand.

“These assets will make their way to our DeFi ecosystem in the next few weeks, stay tuned,” the Algorand Foundation said on X