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, mTBILL and mGLO are exposed natively through the Yield API:

mGLO is available on Base (deposit USDC) and on Robinhood Chain (deposit USDG).

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)

Compliance differs by product:

mTBILL is permissionless on-chain — no KYC is required to enter or exit. mGLO is KYC-gated: the wallet must complete Midas KYC/KYB onboarding and be greenlisted before a transaction can be built. KYC status for every product is exposed through the unified KYC interface (GET /v1/yields/:id/kyc/status) — mGLO returns not_started with Midas' onboarding URL (kycMode: external_redirect) until the wallet is greenlisted, while mTBILL returns not_required.

Self-attestation & eligibility

Independently of KYC, every Midas product requires the user to self-attest to the issuer's eligibility and risk documents before purchase or redemption. The Yield API surfaces this on the yield's mechanics.requirements.kyc.selfAttestation as a document checklist the user must agree to:

• Qualified Subordination — investment risks (credit risk)
• Risk Disclosures — investment risks
• Eligibility Requirements — eligibility and compliance
• Terms & Conditions — per-product legal documentation

Eligibility itself is self-attested (verificationLevel: self_attested) rather than third-party verified. Per Midas' 2025 Base Prospectus, products are not offered to citizens or residents of the US, Canada, China, Australia, or Iran (Canada and Australia enforced via self-attestation, not IP), nor to EU/US-sanctioned persons or regions; Midas additionally geo-blocks further sanctioned and high-risk jurisdictions (including the UK, Türkiye, and Serbia), and screens wallets on-chain (Chainalysis) and by IP. The EEA retail offer is limited to LI, DE, LU, FR, ES, and IT. A regulator-mandated prospectus is surfaced via mechanics.requirements.kyc.mandatoryDisclosureUrl.

Configure your own additional country/region enforcement via Geoblocking.

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