Midas Tokenized Assets Pass $700 Million After Series A

By Elena Vasquez

Global digital-asset investment firm Hyperithm reported on Nov. 9 that tokenized assets at its portfolio company Midas have surpassed $700 million. Midas said assets under deposit roughly doubled in about six months after its March Series A. The company also reported $2.1 billion in cumulative tokenized asset issuance since its 2024 launch and $43 million in returns paid to investors.

What changed after the $50 million Series A?

Midas raised $50 million in March through a Series A co-led by U.S. venture capital firm RRE Ventures and Sweden-based Creandum. Global asset manager Franklin Templeton and Coinbase Ventures invested as well, bringing Midas's total funding to $58.75 million.

Other participants were Framework Ventures, HV Capital, Cathay Ledger Fund, North Island Ventures and GSR. Coinbase Ventures, the investment arm of U.S. crypto exchange Coinbase, joined the follow-on round after backing Midas's 2024 seed financing.

Midas reported deposits above $500 million in June, $600 million in August and $700 million at the end of September. That latest $100 million increase took roughly seven weeks.

In plain terms, Midas expanded faster after the Series A, but the disclosure gives no monthly deposit figures.

Where did the deposits come from?

Midas operates a real-world-asset tokenization platform that issues blockchain-based products linked to traditional financial assets. Its mGLO and mGLOBAL products use private-credit strategies from U.K.-based Passerena Capital and attracted a combined $100 million within weeks of launch.

Horizon, the institutional market of decentralized-finance lending protocol Aave, adopted mGLOBAL as collateral. Midas also operates mAPOLLO, which uses investment strategies from U.S.-based Apollo.

More than $200 million has flowed into Midas's white-label products tailored for institutions. These channels add distribution and collateral utility alongside issuance, but the announcement provides no retention data for any product category.

In plain terms, Midas must retain deposits after the launch rush to prove the newer channels work.

How does Midas compare with the market?

RWA.xyz estimated that real-world assets issued on blockchain totaled about $38.8 billion as of September, more than triple the year-earlier level. Tokenized U.S. Treasuries and money-market funds accounted for $15.6 billion of that total.

Using the reported figures, Midas's $700 million tokenized-asset total represents roughly 1.8% of the $38.8 billion market estimate. Its $2.1 billion cumulative issuance figure measures transactions over time rather than outstanding assets, so the two Midas totals are not directly comparable.

The $15.6 billion Treasury and money-market segment represented roughly 40% of the market estimate, while Midas is expanding into private credit and other asset classes. The announcement cites no independent audit and gives no token-level asset breakdown or redemption terms.

In plain terms, Midas has a modest market share, and the disclosure provides company figures rather than audited evidence.

What does the legal-structure claim establish?

Hyperithm CEO Oh Sang-rok said: "Tokenization is an area where success depends less on what is put on-chain than on the legal structure used to put it there, and Midas is the team that has designed that structure most precisely within Europe's regulatory framework."

He added: "The fact that a traditional asset manager like Franklin Templeton came in as a shareholder proves that."

The announcement publishes no product-level legal opinions, and the shareholder roster cannot establish redemption or default treatment for each product. The financing demonstrates access to institutional capital, not performance through a market cycle.

In plain terms, legal design matters, but a prominent shareholder cannot verify how each token handles redemption or default.

Does Hyperithm have the reach for Asian expansion?

Hyperithm CEO Lee Won-jun added: "At a time when institutional investors in Hong Kong, Singapore and Tokyo are seriously reviewing on-chain yield products, the fact that a platform like Midas has already matured is meaningful for the Asian market."

The statement names three Asian financial centers but identifies no adopting institution, order or launch timetable in those markets. It treats maturity as established without providing independent operating or legal verification.

Hyperithm has invested in JPYC, a Japanese yen stablecoin issuer, and Concrete, a U.S. institutional decentralized-finance infrastructure company. The firm has also made venture investments in about 30 companies and describes its focus as digital-asset financial services aligned with regulatory frameworks across jurisdictions.

Alignment is not a license, and the announcement names no regulator or specific authorization.

In plain terms, Hyperithm has financial reach, but the Asian expansion case still lacks named counterparties or dates.

The next checkpoint is whether Midas can sustain deposit growth beyond launch allocations and convert Aave collateral use into repeat institutional business. As tokenized private credit becomes more embedded in lending markets, sustained deposits and repeat collateral use will test whether Midas has shifted from product issuance to durable market infrastructure.