In a significant development for the digital finance landscape, German fintech company Midas has officially launched its tokenized US Treasury bill product — the mTBILL — on the Algorand blockchain, offering retail and institutional investors a more accessible route into the traditionally high-barrier world of government bonds.
The first successful atomic swap involving mTBILL took place on May 27, with a third-party transaction exchanging $2 million in USDC for the newly minted token. This inaugural swap marks the beginning of a broader push to bring yield-generating government debt into the decentralized finance (DeFi) ecosystem.
A New Take on Treasury Investments
The mTBILL isn’t just a novel product; it represents a fundamental shift in how investors can access short-term US Treasuries. Rather than going through traditional brokers or investment funds, participants can now gain exposure to Treasury-backed assets directly through blockchain technology.
Midas’ token is tied to US Treasury ETFs, meaning it reflects the performance of these low-risk, short-term government securities. With a net yield of 4.06% as of May 29, mTBILL could appeal to yield-seeking investors who have grown cautious of volatile DeFi protocols and are looking for more stable returns.
What sets mTBILL apart from other tokenized financial products, such as BlackRock’s BUIDL fund, is its accessibility. While BUIDL requires a $5 million minimum investment, mTBILL comes with no minimum threshold, opening the door for everyday investors across Europe and beyond to dip their toes into yield-generating digital assets.
Why Algorand?
Midas selected Algorand for this venture, and the choice is no coincidence. Algorand has built a reputation as a high-speed, scalable, and environmentally friendly blockchain, well-suited for financial applications that demand reliability and low transaction costs. With a market capitalization hovering around $1.84 billion, according to CoinMarketCap, Algorand’s infrastructure is increasingly becoming a preferred foundation for tokenized real-world assets (RWAs).
In response to the launch, the Algorand Foundation noted that mTBILL and similar digital assets will soon be integrated more deeply into its growing DeFi ecosystem. That means users can expect enhanced liquidity, interoperability, and potential yield opportunities through DeFi protocols running on the network.
A Growing Trend in Tokenized Money Markets
Midas isn’t alone in racing toward the tokenization of traditional assets. The broader financial industry has been rapidly embracing blockchain-based representations of conventional financial instruments.
BlackRock’s BUIDL fund has recently seen a sharp rise in total value locked (TVL), with funds reportedly tripling over a three-week period. Similarly, Fidelity filed to tokenize its own US dollar money market fund earlier this year, aiming for a launch by the end of May. This move, according to regulatory filings, will include an OnChain share class, designed for enhanced transparency and real-time auditing.
Franklin Templeton has also staked its claim in the space, expanding its OnChain US Government Money Fund across both Solana and Coinbase’s Base network — further evidence that tokenized Treasury products are becoming a mainstream financial tool.
Tokenized Treasuries: A Key Segment of the RWA Market
The tokenization of Treasury bills has rapidly become one of the most prominent sectors in the real-world asset (RWA) space. In fact, tokenized Treasuries now represent roughly 31% of all tokenized RWAs, excluding stablecoins, according to data from RWA.xyz. More than $7 billion in US Treasury debt has been tokenized, a figure that continues to climb as more investors seek stable yields in the crypto-native format.
Midas’ entry into this space could significantly expand access for retail investors, many of whom have historically been priced out of these types of instruments. By combining the trust and stability of US government debt with the flexibility and efficiency of blockchain, Midas is helping to rewrite the rulebook for digital investment.
As tokenized RWAs continue to gain ground, products like mTBILL may soon become a staple in the portfolios of crypto-savvy investors — not as a speculative bet, but as a solid, yield-bearing foundation.
