Midas mTBILL

Midas mTBILL is a tokenized, yield-bearing token designed to track the returns of short-dated US Treasury Bills, issued on the Ethereum blockchain and present across several other compatible networks including Rootstock, Etherlink, and Plume Network. It is intended for users who want exposure to the cash flows generated by US government short-term debt instruments without going through traditional financial intermediaries. The token is described as permissionless, meaning participation does not require approval from a gating institution.

mTBILL is an ERC-20-style token that lives on Ethereum and a number of other ecosystems listed in its categories, including Rootstock and Etherlink. The token is designed to track the value of short-dated US Treasury Bills, so its price is expected to accrete gradually as the underlying instruments earn yield rather than distributing that yield as separate payments. There is no blockchain consensus algorithm associated with mTBILL itself, as it is a token layer built on top of existing networks rather than a standalone chain.

The data provided does not include a fee stream or protocol revenue figure for mTBILL. Because yield from the underlying Treasury Bills accrues into the token price rather than being distributed separately, the economic return to holders is embedded in the price over time, but no fee or revenue data is stored here that would support a fee-based analysis. The circulating supply of approximately 71.1 million tokens at a price of 1.075 USD gives a market capitalisation of approximately 76.5 million USD at the point in time this data was recorded, and the fully diluted valuation ratio of 1.000001 indicates that virtually all tokens that exist are already in circulation, with no material unlocked supply pending.