The German Toking Protocol Midas has launched a token US Treasury Bill on Algorand Blockchain, offering European investors to the minimum investment as well as an exposure for government bonds that yield government bonds.
MTBill is a token certificate that refers to the short-term American Treasury Exchange-Treded Fund (ETF), with Midas announced on 29 May.
The first atomic swap was executed by a third party on the Algorand blockchain on 27 May. As part of the transaction, $ 2 million was exchanged in the USDC (USDC) for MTBills.
Midas states that MTBill provides a low obstruction for retail investors compared to the existing token money market funds, such as the USD of Blackrock’s USD Institutional Digital Liquidity Fund (BUIDL), which requires a minimum investment of $ 5 million.
Conversely, MTBill does not have any investment minimum, possibly it makes it more attractive to retail investors. MTBill provides a net yield of 4.06% by 29 May.
Algorand is a decentralized network known for offering scalable applications and rapid transactions. According to Coinmarketcap, it has a market capitalization of $ 1.84 billion.
Commenting on the MTBill launch, the Algorand Foundation said, “These assets will make their way for our Defa Ecosystem in the coming weeks.”
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Money market fund token on growth
Token money market funds are gaining popularity due to increasing digital assets. As mentioned by cointelegraph, Buidl of Blackrock has locked in total value, with more money than tripling over a period of three weeks.
In March, the asset manager Fidelity filed for the blockchain version of its US Dollar Money Market Fund, which was a target for launch on May 30. According to the regulatory filing presented to the US Securities and Exchange Commission, Fidelity said that its onchen share class will help provide verification of its Treasury Digital Fund.
Franklin Templeton also joined the token race by launching his Onchain US Government Money Fund on the Layer -2 network of Solana and Base, Coinbase.
Tokenized Treasury Funds have become one of the hottest corners of the real world (RWA) market. According to industry data, except for stabechoids, they account for about 31% tokens Rwas.
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