PANews reported on October 24 that according to The Block, the tokenization protocol Midas announced on Thursday that it will launch a wrapped Bitcoin product mBTC, which will pay 4% returns in Bitcoin-denominated assets rather than fiat currencies. The token is a way for users to earn returns by holding Bitcoin. The protocol is based on Ethereum and will initially support the wrapped Bitcoin asset wBTC and Coinbase's new token cbBTC.
A blog post on Thursday noted that yields will be generated “through partnerships with institutional asset managers and lenders.” Its new mBTC protocol will also be similarly “open and permissionless,” making it fully compatible with the broader EVM-based DeFi space. At launch, users can perform liquidity mining on decentralized lending protocol Morpho, with more integrations coming soon. Like the existing mTBILL and mBASIS tokens, mBTC will not be launched in the U.S. or sanctioned countries. Assets will be held in a bankruptcy-remote special purpose vehicle (SPV), while a third-party regulated administrator will provide performance updates.
