Coinbase押注Midas，RWA波澜再起

Odaily星球日报Published on 2024-03-29Last updated on 2024-03-29

Abstract

RWA产品充分融入现有DeFi生态，将是其腾飞的关键。

原创 | Odaily星球日报

作者 | 夫如何

Coinbase押注Midas，RWA波澜再起

随着贝莱德推出代币化基金 BUIDL 在一周内吸引了 1.6 亿美元资金，并且 Ondo 作为 RWA 板块的龙头项目，将产品 OUSG（美国短期国债 ETF）的底层资产分配给 BUIDL 后，RWA 再次成为社区讨论的热门板块。

RWA 作为加密行业与现实资产连接的重要桥梁之一，从概念兴起之初，就备受大家期待，但真正为人熟知且采用的 RWA 项目仅有 Ondo 和 MarkerDAO 等少数知名项目。

不过，近期 RWA 项目 Midas 完成 875 万美元的种子轮融资，并获 Coinbase Venture 和 GSR 等机构参投。在知名机构的加持下，Midas 走入大众视野。

下面，Odaily星球日报将从 Midas 项目概况及后续发展前景为大家阐述。

表面 RWA，实际稳定币生息

Midas 是资产代币化的协议，将代币化的现实资产转化为无需许可的 ERC 20 代币，并允许代币在 DeFi 项目中流通。目前 Midas 推出的首个资产代币化产品是 mTBILL，目前 mTBILL 年化收益率为 5.23% ，TVL 为 303 万美元。

mTBILL 底层资产是 iShares $ Treasury Bond 0-1 yr UCITS ETF（IB 01.L），该基金的资产管理规模为 146 亿美元，每日交易量总计 2518 万美元，年化回报率为 5.26%  ，标普评级为 AA 级。每枚 mTBILL 代币与每股 IB 01.L以 1 ： 1 比例挂钩。

IB 01.L 在基础国库券到期，资产进行再投资，从而增加基金的资产净值（NAV）。随着整体基金资产净值的积累，对应的各个代币的价值依次增加。因此 mTBILL 产品赎回将采取当时净资产价值计算。

与其他 RWA 项目一样，购入和赎回 mTBILL 产品需要 KYC 和 AML 的审核，美国个人及机构无法参与，其他国家并不受限。并且初始购入门槛需要 12000 USDC，不算低，但并未指出是何种投资者允许购买，资金符合要求即可。值得注意的是，项目方并未明确标注为赎回资产的门槛要求，仅说明购入门槛，如果二级市场购买 mTBILL 的部分份额，能否即时兑换仍需进一步确认，且虽然项目方阐述为即时相应，但购入和赎回的过程需要一定时间。

Coinbase押注Midas，RWA波澜再起

mTBILL 产品的流程图如下，用户完成 KYC 和 AML 审核后，可以通过 USDC 的方式将代币打入合约，也可以通过银行电汇的方式存入资金，项目方将提供代币化票据 mTBILL。但存疑的一点，mTBILL 将以 1 ： 1 比例追踪 IB 01.L，项目方并未阐述代币打入合约地址后代币的后续动向，比如将通过什么公司购入 IB 01.L，或者说默认为 Midas 项目方自行购买，但并无第三方进行监督，也没有像 Ondo 提供 SPV 作为风险隔离场所。

Coinbase押注Midas，RWA波澜再起

除此之外，Midas 在 RWA 板块主打的是无需可代币 DeFi，在购入者买入 mTBILL 后，可在链上参与相关 DeFi 项目，主要是借贷，无需对方是否具备 KYC 资格，即可在市场上交易，但如果要进行资产赎回，赎回者必须满足 KYC 等相关审核。Midas 此举是将 mTBILL 的出入口进行审查，过程中的行为并不受限。

费率方面，Midas 在项目启动初期不收取发行费用，仅收取 ETF 管理费 0.07% ，后续是否收费尚未可知。

总的来看，在大多数以机构和高净值投资者为主的 RWA 项目中，Midas 协议着重强调 RWA 产品的链上 DeFi 用途，将 RWA 产品融入现有 DeFi 生态，提供产品额外收益率和利用率。虽然现阶段还未看到相关借贷协议的支持，不过 Midas 尚处于早期阶段，在 Coinbase 和 GSR 等机构的扶持下，DeFi 用例或将持续扩展。感兴趣的投资者，也需留意前文中所述的风险点——产品相关说明尚不完善。

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