Midas has launched its mGLOBAL token on Aave Horizon, allowing traders to deposit the asset as collateral and borrow USDC while retaining exposure to a private credit strategy. The token tracks Fasanara Capital’s Global Diversified Alternative Debt portfolio, which focuses on short-duration assets such as trade receivables and digital invoices.
The move introduces a non-crypto-native form of collateral to one of decentralized finance’s largest lending platforms, offering an alternative to more volatile digital assets.
push toward tokenized credit adoption
Fasanara Capital, which manages about $6 billion for clients across Europe and North America, is working with Midas as part of a broader effort to expand tokenized credit markets. The tokenized credit sector is currently valued at around $6 billion, according to RWA.xyz, with traditional firms like Janus Henderson also showing interest.
The wider tokenized real-world asset market has grown significantly, with estimates placing its total value between $36 billion and $51 billion in 2026. Private credit has emerged as the largest segment within this category, signaling increasing traction among institutional players.
aave activity and recent setbacks
Aave has processed more than $1 trillion in cumulative loans since launch. Outstanding debt on the platform now stands at $7.17 billion, down from $10 billion after the KelpDAO exploit. In that incident, attackers used stolen rsETH tokens as collateral, although Aave itself was not directly compromised.
how the mGLOBAL structure works
The mGLOBAL token is issued through a Luxembourg securitisation vehicle designed to be bankruptcy-remote. Net asset values are calculated monthly by JTC Luxembourg, while redemptions are handled through Midas’ Open Liquidity Architecture, which combines on-chain liquidity with off-chain credit arrangements.
Key elements of the system include:
- A 10% liquidity allocation on Aave to support withdrawals
- Access to a credit line and institutional market network
- Token burning upon redemption, with credit lines repaid as underlying assets settle
This approach allows redemptions without maintaining large idle cash reserves, aiming to improve capital efficiency.
midas growth and product expansion
Founded in 2024, Midas has issued more than $2 billion in tokenized assets and distributed $43 million in yield. Its mToken framework supports products such as mXRP, mBTC, and mTBILL, the latter being the first tokenized real-world asset available to non-accredited traders in Europe.
The company raised $50 million in Series A funding in March, led by RRE and Creandum, with participation from firms including Franklin Templeton and Framework Ventures.
bridging traditional finance and defi
The introduction of mGLOBAL reflects a broader shift toward integrating traditional financial instruments with decentralized platforms. Fasanara’s recent expansion into New York underscores its focus on deeper engagement with North American markets.
Demand for tokenized yield-bearing assets has already been demonstrated by products linked to U.S. government debt. This segment alone has surpassed $12.88 billion, with offerings like BlackRock’s BUIDL fund exceeding $1.2 billion in assets.
By extending this model into private credit, mGLOBAL provides traders with a new way to access liquidity tied to off-chain debt markets rather than cryptocurrency price movements. Market participants are expected to monitor how the token performs and whether it gains traction alongside established on-chain collateral.
Explore how real-world assets meet DeFi in Toobit’s RWA deep dive—read the41T migration to on-chain private credit next.
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