Midas

About

Midas is a tokenisation platform that issues institutional investment strategies as composable ERC-20 tokens (mTokens). Each mToken represents a share in reference portfolio managed by appointed strategy managers, with continuous on-chain reporting via Midas' Attestation Engine.

The user flow on Midas is straightforward. In the mTBILL example, the user deposits USDC into the Midas Issuance Vault and receives mTBILL at the current oracle price. There are no separate reward tokens, no claim transactions, and no compounding actions — yield accrues through NAV appreciation of the mTBILL token and is auto-compounding by construction.

Withdrawals, however, give users optionality. The Yield API exposes two paths against the same exit endpoint: an instant redeem that burns mTBILL and returns USDC atomically, drawing from an internal liquidity buffer for a small fee; and a fee-free standard redeem that is settled off-chain by Midas within one to three business days. The choice is a function of fee tolerance and how quickly the user needs liquidity — see Redemption paths for the full mechanics.

The Midas product family covers several distinct strategy categories. Currently, only mTBILL is exposed natively through the Yield API:

Considerations

Redemption paths

mTBILL exposes two redemption paths, selected via the useInstantExecution flag on the exit action:

Standard redeem is fee-free but request-based: mTBILL is escrowed in the Standard Redemption Vault during the processing window, and USDC is sent directly to the user's wallet by the Midas admin once fulfilled. There is no on-chain claim step.

Instant redeem burns mTBILL and settles USDC atomically. It is bounded by mLIQUIDITY pool depth — the API pre-checks available capacity and rejects the action with 412 Precondition Failed when liquidity is insufficient, so callers can fall back to the standard path before a transaction is ever broadcast.

Exit transaction types

Both paths are returned by the same exit endpoint; the useInstantExecution flag flips the inner transaction type:

Non-rebasing token with oracle NAV

mTBILL does not rebase — balanceOf is static after mint. Yield accrues through NAV appreciation surfaced via the on-chain mTBILL/USD oracle, and the user's underlying value is computed as balance × oraclePrice.

Compliance layer

All deposit and redeem entry points enforce three on-chain checks:

• Greenlist (onlyGreenlisted)
• Blacklist (onlyNotBlacklisted)
• Chainalysis sanctions oracle (onlyNotSanctioned)

mTBILL ships with the greenlist disabled (greenlistEnabled = false on the vault), so on-chain stablecoin operations are open to any non-blacklisted, non-sanctioned address — no KYC is required to enter or exit. Future Midas products integrated into the Yield API may require KYC; when they do, status will be exposed through the unified KYC interface (GET /v1/yields/:id/kyc/status).

Pre-flight guards

Pause state and compliance checks are validated before any transaction is constructed. If a wallet attempts to enter or exit while the deposit/redemption function is paused or the address is blacklisted or sanctioned, the action endpoint responds with HTTP 412 Precondition Failed rather than building a transaction that would revert on-chain.

Minimum amounts

The mTBILL withdrawal minimum is 1 USDC. The current minimum for both deposit and redemption is surfaced via getStakeArguments and enforced in preCheck; sub-minimum requests are rejected with 400 Bad Request before transaction construction.

List of Integration IDs