[Serenity Premium] RWA Stablecoin Series: $mTill and $mBasis by Midas.App [Initial Review Feb 2025]

Over the past few months, we have analyzed various RWA-backed digital assets, including stablecoins like M^0’s $M and $rUSD by Reservoir. Another significant player in this space is Midas.App, offering three distinct blockchain-based financial products: mTBILL, mBASIS, and mBTC. These instruments differ in structure but share the common goal of providing yield-bearing opportunities through tokenized assets. Below, we dissect the mechanics, associated entities, risks, and overall implications of each.

Summary of Midas.App

Midas Software GmbH (Midas.app) is German Fintech firm specializing in RWA. Founded in 2023 and based in Berlin, the company operates under Midas Protocol Limited (UK) and is co-owned by technology investor Fabrice Grinda and finance professional Dennis Klaus Dinkelmeyer. Midas offers three primary products: mTBILL, a tokenized representation of short-term U.S. Treasury Bills; mBASIS, a yield-generating arbitrage strategy token; and mBTC, a Bitcoin-backed debt instrument incorporating lending agreements. While offering innovative investment opportunities, Midas operates in an evolving regulatory landscape and relies on independent custodians and security agents to ensure compliance and asset security.

The founders of Midas are Dennis Klaus Dinkelmeyer (50% in holding company Midas Protocol Limited) and Fabrice Grinda (50%).