Midas mTBILL
Overview
mTBILL is a token issued by Berlin-based Midas Software GmbH under an EU base prospectus. Its value tracks short-dated US Treasury bills: the reference return is the accumulated return on 8-week T-bills less a 50 bp tracking error. The notes are backed by assets held with named custodians, with security agents acting for token holders, and are offered to non-US investors. The token price accrues through NAV updates rather than by rebasing.
US Treasury bills with maturity under 3 months (rwa.xyz describes exposure via a BlackRock short-dated Treasury fund)
Product structure
Lowest eligible investor type: Retail investors
US persons: Excludes US persons
Investor eligibility: Not offered to US persons or sanctioned/high-risk jurisdictions; public offer in EU/EEA under the approved prospectus; KYC/AML required for direct subscription and redemption
Classification of public offering terms, not a determination of your eligibility. Check the offering documents.- Legal wrapper
- Collateralised debt security (tokenized certificate / ledger-based security) issued under a base prospectus by a German GmbH; security granted to security agents for token holders
- Regulatory status
- Base prospectus approved by the Liechtenstein FMA under EU Prospectus Regulation 2017/1129 (latest dated 2026-07-17) and passported to EU/EEA competent authorities; the prospectus refers to Swiss ledger-based securities (Art. 973d CO), while rwa.xyz cites the German Electronic Securities Act (eWpG)
- Asset segregation
- Issuer does not use statutory compartmentalisation; token holders rely on contractual collateral and security arrangements held by security agents (Ankura Trust Company, LLC and ATG Azimut Treuhandgesellschaft mbH)
- Custodian
- Maerki Baumann & Co. AG (Zurich) and The Bank of New York Mellon (New York), per final terms
- Fund administrator
- Unverified
- Transfer agent
- Unverified
- Tokenization agent
- Unverified
Redemption & liquidity
- Redemption terms
- Instant redemption in USDC when liquidity is available; otherwise queued redemptions processed in approx. 1-7 business days; settlement assets USD, USDC, USDT or EUR per final terms
- Secondary liquidity
- Unverified
Fees
Per final terms: 0.07% redemption fee and a 10% fee on interest; issuance fee as a percentage of purchase price (not quantified). rwa.xyz lists 0% management/subscription/redemption fees.
On-chain information
EthereumBase
Contract addresses: unverified
Notes & material events
Holders from rwa.xyz (retrieved 2026-09-30). Fee data conflict: final terms (Oct 2024) disclose redemption and interest fees while rwa.xyz lists zero fees. Smart contracts audited by Sherlock, Hacken, Halborn and Côme du Crest per Midas docs.
Revision history
No published revisions.