Midas’s mGLOBAL is launching on Aave Horizon, the institutional real-world asset market of the largest onchain lending protocol. 

mGLOBAL is a security token issued by Midas that tracks Fasanara Capital's Global Diversified Alternative Debt strategy, a short-duration private credit portfolio focused on assets such as trade receivables and digital invoices. Fasanara Capital manages about $6 billion for institutional clients, including pension funds and insurers across Europe and North America.

The move comes amid a wave of growing interest in institutional tokenized products. The total tokenized credit sector is worth about $6 billion, according to RWA.xyz, and is beginning to attract major players, including Janus Henderson. 

Over its lifetime, Aave has originated more than $1 trillion in cumulative loans. However, Aave, while still Ethereum’s largest decentralized lending protocol, has seen a significant drop in lending activity — from over $10 billion in outstanding debt to $7.17 billion — since the KelpDAO attack, according to The Block’s data. That said, Aave was not attacked directly, though the attackers deposited the stolen rsETH tokens on lending protocols, including Aave, as collateral to borrow ETH. 

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Midas, founded in 2024, has issued over $2 billion in assets and distributed $43 million in yield, according to the announcement. The startup developed its mToken framework, which supports tokenized strategies like mXRP, mBTC, and mTBILL, the latter of which was the first such real-world asset trading vehicle to become available to non-accredited investors in Europe.

With Tuesday’s integration, holders will now be able to deposit mGLOBAL tokens on Aave Horizon to borrow USDC while retaining full exposure to the underlying strategy.

The announcement notes that mGLOBAL is not a stablecoin or yield-bearing vault, but a “security token,” which is issued by a dedicated, bankruptcy-remote compartment of a Luxembourg Securitisation Vehicle. The token’s net asset value is calculated monthly by independent administrator JTC Luxembourg. 

Redemptions will be supported by Midas’ Open Liquidity Architecture, which enables atomic redemptions without needing idle cash. The system combines a 10% internal liquidity sleeve deposited in Aave, a committed Midas Staked Liquidity credit facility, an institutional OTC and liquidator network, and standard monthly NAV redemptions, according to the announcement. 

“Rather than parking uninvested cash to fund instant exits, the facility extends an on-demand line of credit at the moment of redemption,” the announcement reads. “The holder is paid out and their tokens are burned immediately, and the facility is then repaid as the underlying assets settle.”

In March, Midas announced its $50 million Series A led by RRE and Creandum, with participation from Framework Ventures, Coinbase Ventures, Franklin Templeton, GSR, Anchorage Digital, and more than a dozen other investors.