Midas launches US Treasury bonds encrypted on the Algorand blockchain

Germany's Midas encryption protocol has just launched the ( US Treasury bill ) in encrypted form on the Algorand blockchain, allowing European investors to access profitable government bonds without requiring a minimum investment.

The mTBILL product is a cryptocurrency certificate that references short-term US Treasury bond ETF funds. The first atomic swap was executed on May 27, with 2 million USD USDC exchanged for mTBILL.

Midas stated that mTBILL has a lower barrier to entry compared to cryptocurrency money market funds like BlackRock’s BUIDL ( which requires a minimum of 5 million USD). In contrast, mTBILL does not require a minimum investment and offers a net yield of 4.06% ( as of 29/5).

Algorand, with a capitalization of $1.84 billion, will integrate mTBILL into the DeFi ecosystem in the next few weeks, according to the Algorand Foundation.