- Midas launches it’s proposed stablecoin stUSD
- The proposed stablecoin tokenizes ownership of Treasuries
- Midas mentions BlackRock, Circle, Fireblocks and Coinfirm as “institutional partners.”
Midas, a stablecoin backed by US Treasuries, plans to launch its stUSD token on decentralized finance (DeFi) platforms like MakerDAO, Uniswap, and Aave in the coming weeks, according to a presentation deck.
According to the deck, the Midas stablecoin project wants to buy Treasuries through asset manager BlackRock and use Circle Internet Financial’s USDC stablecoin as an on-ramp. Fireblocks, a provider of custody technology, and Coinfirm, a blockchain analytics firm, are both cited as institutional partners.
Tokenized real-world assets are a popular topic in the digital-asset arena, attracting interest from TradFi firms that have long sought to move major portions of markets and finance onto blockchain technology because of the potential efficiency. Treasuries have been a focus, with significant growth expected in 2023.
The new Midas stablecoin, which wants to integrate with DeFi platforms this quarter ahead of a retail debut early next year, follows a growing trend of yield-bearing stablecoins, including Mountain Protocol and Ondo Finance. (The proposed Midas stUSD project is not to be confused with the now-defunct DeFi investment firm Midas.)
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Fabrice Grinda, founder and executive chairman of blank check company Global Technology Acquisition Corp. (GTAC), and Dennis Dinkelmeyer, vice president of GTAC, are members of the Midas team.
According to the deck, the Midas stUSD token is 100% backed by US Treasuries and is issued as a debt asset under German legislation.
“Funds are held with a regulated custodian in segregated accounts (BlackRock),” Midas said in the presentation deck. “Midas is fully compliant with European Securities Regulation and Anti-Money Laundering law. Transfer of token represents transfer of legal rights to the underlying.”
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