What Midas does

Midas Software GmbH is a Berlin-based tokenization platform, founded in July 2024 by Dennis Dinkelmeyer (CEO, ex-Goldman Sachs/Capital Group), Fabrice Grinda (Executive Chairman, FJ Labs), and Romain Bourgois (CPO, ex-Ondo Finance/Criteo), that issues and distributes a suite of "mTokens" — ERC-20 tokenized investment strategies — to investors across 14 EU Permitted Jurisdictions under an EU Prospectus Regulation-approved framework (FMA). The product suite spans U.S. Treasury-backed stablecoins (mTBILL), market-neutral stablecoin strategies (mEDGE), BTC- and ETH-denominated market-neutral strategies (mRe7BTC, mRe7ETH, mRe7YIELD), XRP strategies (mXRP, cross-chained to BNB via Axelar), Maple syrupUSDT-referenced strategies (msyrupUSDp), and Fasanara Capital-managed private credit vehicles (mF-ONE on Morpho, mGLOBAL on Aave Horizon), plus a recently launched Apollo Crypto/Everstake USDC yield strategy (mEVUSD) and a forthcoming RockawayX-managed mROX product. The platform combines on-chain smart-contract issuance on Ethereum and XRPL EVM with a Midas Attestation Engine that delivers on-chain Proof of Reserve and NAV attestations using Chainlink and vlayer, and an Open Liquidity Architecture featuring Midas Staked Liquidity (MSL) — a layer that allocates capital to Treasuries and prime lending to enable instant redemptions.

Midas generates revenue through management fees on AUM (varying from 0% to 1.5% depending on product, with mRe7BTC at 1.5% and mF-ONE at 0.4%), performance fees on yield (0% to 30% by product, e.g., 30% on mEDGE, 20% on mRe7BTC, 10% on msyrupUSDp), and transaction fees. Distribution is dual-motion: a self-serve, product-led front-end at midas.app serving more than 20,000 holders, complemented by an institutional field-sales motion led by Greg Feibus (formerly FIS Global, Anchorage Digital, Ondo Finance) targeting banks, asset managers, family offices, and corporate treasuries, plus DeFi-protocol distribution through Aave, Morpho, Pendle, Euler, and cross-chain interoperability via Axelar and Lista DAO. The platform is explicitly geo-blocked from U.S. persons and sanctioned jurisdictions and gated by KYC/AML onboarding, framing it as a compliance-first EU tokenization infrastructure rather than an offshore wrapper. Total cumulative assets minted exceed $1.7B and current TVL is approximately $485.8M, positioning Midas among the top 14 tokenized funds globally and behind only BlackRock BUIDL, Ondo Finance, and Spiko by TVL as of September 2025.

Name

Midas

Legal name

Midas Software GmbH

Website

https://midas.app

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

51–100 employees

Short description

Midas is a Berlin-based tokenization platform that issues EU Prospectus Regulation-approved "mTokens" — tokenized investment strategies covering U.S. Treasuries, market-neutral DeFi, and private credit — to retail and institutional investors across 14 EU Permitted Jurisdictions via a self-serve front-end and DeFi protocol integrations.

Ownership category

akta.pro rank

Product category

Tokenized Investment Products / Real-World Asset Tokenization

NAICS

Open-End Investment Funds (525910), Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Services-Prepackaged Software (7372), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Tokenized Collateral & On-Chain Credit Infrastructure (Collateral Mgmt, Liquidations) (FSAGAMAK)

akta.pro secondary industries

RWA Tokenization Platforms (asset onboarding, structuring, issuance) (FSAPAIAC), Institutional DeFi & On-Chain Liquidity Infrastructure (Permissioned DeFi, Lending) (FSAGAMAG)

Keywords

• Tokenized investment products
• Real world assets
• Onchain yield strategies
• DeFi tokenization platform
• Institutional crypto products

Headquarters

HQ city

Berlin

HQ country

Germany

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure, Others

Revenue model

1. Management Fees on AUM: Recurring annual management fees levied on assets under management across mToken products. Fee levels vary by product (e.g., mRe7BTC: 1.5% annual on AUM; mF-ONE: 0.4% annual on AUM; mEDGE, mXRP, msyrupUSDp: 0% management fee). Billed continuously and accrued against token NAV.
2. Performance Fees on Yield: Performance-based fees charged as a percentage of yield or raw performance generated by each strategy. Levels vary by product (e.g., mRe7BTC: 20%; mEDGE: 30%; msyrupUSDp: 10%; mXRP and mF-ONE: 0%). Captures upside economics from successful strategy execution.
3. Transaction Fees on Token Operations: Fees applied at the time of invest/redeem transactions on the platform (displayed in the product interface), capturing on-chain settlement economics.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels8 records

Core offering

Midas operates a regulated tokenization platform that issues ERC-20 mTokens, each representing an institutional-grade investment strategy (e.g., U.S. T-bills, BTC/XRP market-neutral strategies, private credit, USDC yield). Products are issued by Midas Software GmbH under the EU Prospectus Regulation and backed by an Open Liquidity Architecture with a Midas Staked Liquidity (MSL) instant-redemption layer, plus the Chainlink/vlayer-powered Attestation Engine for onchain proof of reserve.

Product overview

Midas is a unified tokenisation platform, not a single product. At its core is a regulated, EU-prospectus-issued suite of "mTokens" — tokenised investment strategies covering US Treasury bills (mTBILL), market-neutral stablecoin and DeFi strategies (mEDGE), BTC- and ETH-denominated market-neutral strategies (mRe7BTC, mRe7ETH, mRe7YIELD), XRP strategies (mXRP), credit and basis strategies (msyrupUSDp, mBASIS), Fasanara private credit (mF-ONE, mGLOBAL) and Everstake/Apollo USDC yield (mEVUSD). The Hyperithm-managed mHYPER family (mHYPER, mHYPERBTC, mHYPERETH) and the Apollo-managed mAPOLLO sit alongside newer offerings mROX (with RockawayX) and the forthcoming mRE reinsurance yield product. Underpinning the platform is the Midas Attestation Engine (powered by Chainlink and vlayer), which delivers verifiable onchain checkpoints for Proof of Reserve, NAV, and smart-contract integrity, and the Open Liquidity Architecture featuring Midas Staked Liquidity (MSL) — the liquidity layer that enables instant redemptions of mTokens.

Differentiator

Problem solved

Functional benefit

Brands

• mROX: Tokenised product structured to reflect market-neutral DeFi opportunities and structured yield strategies deployed across blockchain ecosystems.
• mRE
• mEDGE
• mXRP
• mRe7BTC
• mF-ONE
• mGLOBAL
• msyrupUSDp
• MSL (Midas Staked Liquidity)

Products and services

• mTBILL Stablecoin-style mToken linked to short-duration US Treasury bonds, built on Ethereum, designed to generate yields that fluctuate with current US T-bill APY rates; the first flagship mToken of the platform.
• mEDGE Tokenised investment strategy structured to track the performance of market-neutral stablecoin strategies (lending, liquidity provisioning, basis trading), managed by Edge Capital and integrated with Morpho, Pendle and Euler.
• mRe7BTC Tokenised investment strategy structured to track the performance of BTC-denominated market-neutral strategies, managed and monitored by Re7 Labs with Re7 Capital as appointed strategy manager.
• mRe7ETH Tokenised investment strategy in the Re7 Labs family structured around ETH-denominated market-neutral strategies.
• mRe7YIELD Yield-focused tokenised investment strategy in the Re7 Labs product family.
• mHYPER Tokenised strategy family managed by Hyperithm (Tokyo/Seoul digital-asset firm), covering market-neutral onchain strategies with transparency dashboards.
• mHYPERBTC BTC-denominated tokenised strategy within the Hyperithm-managed mHYPER family.
• mHYPERETH ETH-denominated tokenised strategy within the Hyperithm-managed mHYPER family.
• mXRP Tokenised investment strategy structured to track the performance of selected market-neutral XRP strategies deployed across onchain markets; issued on XRPL EVM and expanded to BNB Chain via Axelar, managed by Hyperithm.
• msyrupUSDp Tokenised investment strategy structured to track the performance of a market-neutral strategy referencing Maple's syrupUSDT on the Plasma blockchain, managed by Edge Capital.
• mBASIS Tokenised basis-trading strategy offered on the Midas platform.
• mAPOLLO Tokenised strategy in the Apollo Crypto strategy-manager family.
• mF-ONE Tokenised investment strategy providing indirect exposure to Fasanara Capital's diversified private credit and digital-asset strategy, with instant redemption capacity and a scheduled refill cycle; integrated with Morpho and managed by Fasanara.
• mGLOBAL Security token tracking a short-duration private credit portfolio managed by Fasanara Capital; integrated as collateral into Aave Horizon for collateralized lending access by institutions.
• mEVUSD Regulatory-compliant, USDC-denominated tokenised yield strategy jointly launched by Everstake, Midas and Apollo Crypto, targeting 7%–12% annual returns for EU institutional clients via diversified lending and basis trading on blue-chip DeFi protocols.
• mROX Tokenised product structured to reflect market-neutral DeFi opportunities and structured yield strategies deployed across blockchain ecosystems, built with RockawayX as strategy manager.
• Midas Staked Liquidity (MSL) Liquidity layer supporting instant redemptions across Midas tokens; capital deposited is allocated to investment-grade strategies such as U.S. Treasury bills and prime lending markets, generating base yield while remaining available to settle instant redemptions.

Quantifiable outcome

• $1.7B+ in total assets minted across mTokens
• +4 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature6 records

Partnerships

15 partnerships are on record, tiered flagship, major and minor.

• Aave HorizonflagshipTechnology or Integration · 1 June 2026Institutional version of the Aave lending market. mGLOBAL was launched on Aave Horizon (June 2026) to provide collateralized lending access to Fasanara Capital's alternative credit strategy. Midas's DeFi integrations span Aave, Morpho, Pendle, and Euler.
• EverstakemajorStrategic or Co-development Partner · 1 March 2026Joint launch of mEVUSD in March 2026 with Midas and Apollo Crypto. Everstake provides the technology infrastructure layer for the USDC-denominated tokenized yield strategy targeting institutional clients in the EU.
• MEV Capital (former)minorStrategic or Co-development Partner · 1 February 2026Former strategy manager for Midas products; relationship severed in February 2026 amid MEV Capital's 80% AUM collapse following a stablecoin depeg event. Midas subsequently appointed RockawayX as replacement strategy manager.
• Belem CapitalminorOthers · 1 February 2026Internalized the institutional asset management team formerly managing its portfolios with MEV Capital, indicating broader market shift away from MEV Capital as Midas and Belem both pivoted strategy management in February 2026.
• RockawayXmajorStrategic or Co-development Partner · 1 January 2026Appointed strategy manager for Midas products (including mROX) following the February 2026 severing of the relationship with MEV Capital. Co-developed mROX, a tokenized product structured to reflect market-neutral DeFi opportunities and structured yield strategies.
• AxelarmajorTechnology or Integration · 1 November 2025Cross-chain interoperability partner. Powers mXRP's expansion to the BNB Chain ecosystem through a partnership involving Midas, Lista DAO, and Axelar (announced November 2025). Axelar also supports Axelar-flavored mXRP targeting to absorb up to $10B (5% of XRP's circulating supply). Listed as a backer.
• Lista DAOmajorTechnology or Integration · 1 November 2025Co-partner with Midas and Axelar in the mXRP launch on BNB Chain (November 2025). Provides DeFi liquidity infrastructure for the liquid-staking XRP token.
• Fasanara CapitalflagshipStrategic or Co-development Partner · 1 January 2025Strategy manager for mF-ONE, a tokenized investment strategy providing indirect exposure to Fasanara's diversified private credit and digital asset strategy. Fasanara also manages the short-duration private credit portfolio behind mGLOBAL, which was integrated into Aave Horizon in June 2026 for collateralized lending access. mF-ONE exceeded $160M TVL within months of Morpho launch with Steakhouse Financial as risk manager.
• Steakhouse FinancialminorImplementation/ SI/ Consulting Partner · 1 January 2025Risk manager for the mF-ONE product on Morpho; participates as risk curator across DeFi lending vaults distributed via Midas's allocation-vault infrastructure.
• Re7 Labs (Re7 Capital)majorStrategic or Co-development PartnerStrategy manager for mRe7BTC, a tokenized investment strategy structured to track the performance of BTC-denominated market-neutral strategies. Re7 Labs oversees risk parameters and performance, with the strategy issued by Midas Software GmbH under the EU Prospectus Regulation.
• Edge CapitalmajorStrategic or Co-development PartnerStrategy manager for mEDGE (market-neutral stablecoin strategies on Morpho, Pendle, and Euler) and msyrupUSDp (market-neutral strategy referencing Maple's syrupUSDT on Plasma). Both products are issued by Midas Software GmbH under the EU Prospectus Regulation.
• Apollo CryptomajorStrategic or Co-development PartnerRisk management partner for the mEVUSD product (a regulatory-compliant, USDC-denominated tokenized investment strategy targeting 7–12% annual returns) launched jointly with Midas and Everstake in March 2026. Apollo Crypto manages risk across blue-chip DeFi protocols including Aave, Morpho, and Pendle.
• MorphomajorTechnology or IntegrationDeFi lending protocol used by Midas for product distribution and risk-managed vault strategies. mF-ONE launched on Morpho and reached $160M+ TVL within months with Steakhouse Financial as risk manager. Also integrated for mEDGE (Edge Capital strategy).
• ChainlinkmajorTechnology or IntegrationPowers the Midas Attestation Engine alongside vlayer; provides decentralized oracle infrastructure for Proof of Reserve and NAV attestations across mTokens.
• vlayermajorTechnology or IntegrationCo-powers the Midas Attestation Engine alongside Chainlink; provides verifiable computation and zk-proof infrastructure used in PoR and NAV attestations.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• TrueFi: TrueFi is a DeFi credit protocol offering uncollateralized lending and a tokenized U.S. Treasury product (TFUS). It targets similar institutional borrowers and yield-seeking holders, overlapping with Midas's market-neutral credit and Treasury-yield strategies.
• Spiko: Spiko is a tokenization platform issuing tokenized money market funds (e.g., USTBL, EUREBL) backed by government securities. Spiko ranks among the top tokenized funds ($400M TVL) and competes with Midas in the EU for institutional and retail yield-bearing tokenized product flows.
• Maple Finance: Maple Finance is a decentralized credit marketplace where institutional borrowers draw loans collateralized by digital assets, with syrupUSDT as a yield-bearing wrapper. Midas's msyrupUSDp product references Maple's syrupUSDT, and Maple operates a similar credit-focused institutional DeFi model with comparable target customers (crypto treasuries, funds, market makers).
• Securitize: Securitize is a regulated tokenization infrastructure provider enabling compliant issuance, transfer, and servicing of digital securities. It serves a comparable institutional clientele of issuers and asset managers building tokenized products, overlapping with Midas's regulatory-grade issuance focus.
• Ondo Finance: Ondo Finance is a tokenization platform offering yield-bearing, USDY and OUSG products backed by U.S. Treasuries and short-duration assets — directly comparable to Midas's mTBILL and broader mToken suite. Romain Bourgois, Midas's CPO, was previously Head of Product at Ondo, and Ondo is one of the largest tokenized funds ($670M TVL) operating in Midas's competitive set.
• Centrifuge: Centrifuge is a tokenization protocol for real-world assets (invoice, real estate, private debt) with native onchain rails and integrations into MakerDAO and other DeFi protocols. It targets institutional issuers and offers similar composable, DeFi-integrated tokenized exposure to Midas's strategy-manager product model.

Others

• Morpho: Morpho is a DeFi lending protocol that serves as distribution and lending-market infrastructure for multiple Midas products (mF-ONE, mEDGE). It is comparable as an enabling technology layer rather than a direct competitor, though Morpho's risk-curated vaults compete with Midas's strategy-manager model for institutional yield allocation.

Emerging players

• Mountain Protocol: Mountain Protocol is a tokenized U.S. Treasury product (USDM) issued under Bermuda Monetary Authority regulation. While smaller and geographically narrower than Midas, it competes for the same institutional and retail yield-on-Treasuries use case.
• Superstate: Superstate is a registered investment adviser issuing tokenized funds, including USTB backed by short-duration U.S. Treasuries. Founded by Compound and Paradigm alumni, it is an emerging regulated tokenization issuer competing for the same institutional tokenized-Treasury mandate.

Broad incumbents

• BlackRock (BUIDL): BlackRock's BUIDL tokenized U.S. Treasury fund is the largest tokenized fund ($2.9B TVL) and is operated by the world's largest asset manager through Securitize. While BUIDL is narrowly focused on T-bills, BlackRock's scale and distribution represent the incumbent competitive ceiling for tokenized yield products targeting Midas's institutional and retail segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/midasrwa

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds3 records

Investors22 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Midas