Midas, a protocol for issuing yield-bearing tokens backed by U.S. Treasuries and other assets, has introduced a blockchain-based private credit product, with the help of institutional asset manager Fasanara and crypto natives Morpho and Steakhouse, the companies said on Friday.
Midas’ mF-ONE, a blockchain-native investment certificate, is structured to track Fasanara’s F-ONE fund composed of allocations across fintech-originated receivables, SME lending, real estate-backed credit, and delta-neutral digital strategies.
Qualified investors can collateralize mF-ONE in a mF-ONE/USDC Morpho Market and borrow USDC liquidity supplied from USDC vaults curated by Steakhouse, according to a press release. This allows customers to borrow stablecoins against their holdings and gain capital efficiency while maintaining exposure to a credit strategy.
Back in February, Midas introduced Liquid Yield Tokens (LYT) linked to actively managed, decentralized finance (DeFi) funds, starting out with Edge Capital, RE7 Capital, and MEV Capital.
The mF-ONE launch is supported by participation from leading DeFi and institutions, including: Stake Capital, GSR, Hardcore Labs, SumCap and CIAN.