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Midas Introduces Liquid Yield Tokens (LYT) for DeFi Funds
A New Era in Yield-Bearing Tokens
Midas, a protocol for issuing yield-bearing tokens backed by U.S. Treasuries and other assets, has introduced Liquid Yield Tokens (LYT) linked to actively managed, decentralized finance (DeFi) funds. The initial lineup includes Edge Capital, RE7, and MEV Capital.
Regulatory Approval and Passporting
Late last year, Midas received regulatory approval to issue its basis trade and U.S. Treasuries tokens in Liechtenstein, allowing passporting across Germany and Europe. This milestone paves the way for the company to expand its services and offerings globally.
A Shift in the Market
Tokenization builders in the crypto native and DeFi-focused arena recognized the need for yield-bearing alternatives to established stablecoins like Tether’s USDT and Circle’s USDC, which keep the interest generated from reserves. The Midas product suite reflects changing market conditions, such as the introduction of a cash and carry trade token that delivered yields of over 20% last year. However, market trends are reversing, with Dinkelmeyer noting that the new LYT product aims to offer yields as high as 20%.
Partnerships and Expertise
"We’ve partnered up with the best in the industry, such as Edge Capital, RE7 Capital, and MEV Capital, with more great names coming soon," said Midas CEO Dennis Dinkelmeyer. "These fund managers are really experts when it comes to yield, whether with T-Bills, basis trades, or other yield sources like market making and arbitrage."
Midas Tokenization Platform
The Midas tokenization platform allows a wide audience exposure to these tokens with a one-click issue and redeem process. Additionally, the tokens can be used as collateral in DeFi, starting with Euler and Morpho, with more to follow.
Conclusion
Midas’ introduction of LYT marks a significant milestone in the DeFi landscape, offering investors a new way to access yield-bearing tokens backed by U.S. Treasuries and other assets. With its partnerships with top fund managers and tokenization platform, Midas is poised to revolutionize the way investors approach DeFi.
FAQs
Q: What is Midas’ regulatory status?
A: Midas has received regulatory approval to issue its basis trade and U.S. Treasuries tokens in Liechtenstein, allowing passporting across Germany and Europe.
Q: What is the purpose of the Liquid Yield Tokens (LYT)?
A: LYT is a new product that offers yields as high as 20% and is linked to actively managed DeFi funds.
Q: Who are the initial fund managers partnering with Midas?
A: The initial lineup includes Edge Capital, RE7, and MEV Capital, with more great names coming soon.
Q: How does the Midas tokenization platform work?
A: The platform allows a wide audience exposure to these tokens with a one-click issue and redeem process, and the tokens can be used as collateral in DeFi, starting with Euler and Morpho, with more to follow.
