The German tokenization protocol Midas has launched a tokenized U.S. Treasury product on the Algorand blockchain, providing European investors with access to high-yield government bonds without the need to meet minimum investment requirements.
Midas announced on May 29 that mTBILL is a tokenized certificate referencing short-term U.S. Treasury exchange-traded funds (ETFs).
The first atomic swap transaction was executed by a third party on May 27 on the Algorand blockchain. In this transaction, $2 million of USDC was successfully exchanged for mTBILLS.
Midas stated that compared to existing tokenized money market funds, mTBILL offers retail investors a lower entry threshold, such as BlackRock's U.S. Dollar Institutional Digital Liquidity Fund (BUIDL), which requires a minimum investment of $5 million.
In contrast, mTBILL has no minimum investment limit, making it more attractive to ordinary investors. As of May 29, mTBILL offers a net yield of 4.06%.
Algorand is a decentralized network known for providing scalable applications and fast transactions. According to CoinMarketCap data, its market capitalization is $1.84 billion.
The Algorand Foundation commented on the release of mTBILL: "These assets will enter our DeFi ecosystem in the coming weeks."
As institutional investors increasingly adopt digital assets, tokenized money market funds are becoming more favored. According to Cointelegraph, the total locked value of BlackRock's BUIDL has more than doubled in three weeks.
In March of this year, asset management giant Fidelity applied for a blockchain version of its U.S. dollar money market fund, set to launch on May 30. According to regulatory filings submitted to the U.S. Securities and Exchange Commission, Fidelity stated that its OnChain share class would provide a verifiable tracking mechanism for its digital Treasury fund.
World-renowned fund management company Franklin Templeton has also joined the tokenization race, launching its OnChain U.S. Government Money Fund on Solana and Coinbase's Layer 2 network, Base.
Tokenized Treasury funds have become one of the most dynamic areas in the real-world asset (RWA) market. According to industry data, they account for approximately 31% of tokenized RWAs, excluding stablecoins.
Original article: “Midas Launches Tokenized U.S. Treasury on Algorand Blockchain”
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